(a) The limit in any such insurance policy of the liability of the insurer on account of the ownership, maintenance and use of each taxicab shall be not less than one hundred thousand dollars ($100,000) for bodily injury to or death of one person and, subject to such limit as to the injury or death of one person, three hundred thousand dollars ($300,000) on account of anyone accident resulting in injury to and/or death of more than one person and fifty thousand dollars ($50,000) on account of damage to property in any one accident. However, it shall be permissible for the insurance coverage upon the operation of any one taxicab to be subject to a deduction of one hundred dollars ($100.00) upon any one claim for liability or property damage, provided that this shall not in any way affect or abridge the liability of any person owning, leasing or in any way concerned with the operations of any taxicab.
(b) Any such insurance policy shall be subject to the approval of legal counsel selected by Council as to its form and compliance with this provision.