(A)   No license shall be issued and no taxicab shall be operated on any street or highway within the town until there is filed with the Clerk-Treasurer of the town a policy of insurance executed by a company authorized to execute such instruments under the laws of the state, running for the year of the license to be issued to the applicant as by this chapter provided.
   (B)   The insurance policy shall provide for the payment of any final judgment that may be rendered against the insured for damages to property, bodily injuries, or death of any passenger or passengers or any other person or persons resulting from collision or other accident for which the person, persons, firm, or corporation may be found liable while operating the taxicab described in the application, in a sum not less than the state statutory minimums for property damage and for injury or death of any person or persons.
Penalty, see § 10.99