The statement referred to in Section 759.05 shall be accompanied by a policy of liability insurance listing each taxicab to be operated in the City. Such policy shall be acceptable to and approved by the Manager and shall be written by the insurance company authorized to do business and write such policies in the State of Ohio. Such policy shall provide for limits of not less than $100,000 for injury to one person, $300,000 for injury to more than one person and $50,000 property damage in any one accident. The policy shall further contain a clause obligating the insurer to give ten (10) days written notice to the Manager prior to cancellation or expiration of said policy. Upon lapse or expiration of said policy of insurance, the taxicab operator license shall be null and void. (1969 Code 113.06)