No license to operate any taxicab shall be issued or renewed by the Mayor and no person shall operate such taxicab unless and until the owner of the same deposits and maintains with the Mayor a policy of an insurance company duly licensed to transact business in this State. The insurance policy shall insure, within the amounts specified in such policy, the owner of such taxicab and also any other person (herein called the operator) operating the same in the Village as a taxicab under the authority of such owner whether such authority is the owner or the owner's assignee or lessee and such person operating such car, against loss from the liability imposed by law for damages on account of bodily injury or death and/or for damage to property (other the injury, death or property damage of the insured or insured's employees) resulting from such ownership, maintenance or use of such taxicab. The insurance policy shall also contain language obligating the insurer to pay to any judgment creditor, to the extent of the respective amounts as specified in such policy, and to pay any final judgment rendered against the insured or such operator by reason of such liability. At the time of the deposit of such policy, the applicant shall furnish to the Mayor the dates and numbers of the last licenses issued to such company to transact business in the State. In addition, such policy of insurance shall contain an endorsement providing that the policy is in full force and effect and binding upon the insurance company until the date specified for its expiration or until such insurance company has given the Mayor twenty days notice in writing of such company's intent to cancel such policy.