(A) Before a license shall be delivered to any operator, the operator shall deposit with the City Manager a policy of policies of an insurance company or companies duly licensed to transact such business in this state, insuring the operator against loss from the liability imposed by law for damages on account of bodily injuries or death or for damages to property resulting from the ownership, maintenance or use of any taxicab to be owned or operated under such license. Such policy shall agree to pay to any judgment creditor, to the extent of the amounts specified in such policy, any final judgment rendered against the assured by reason of such liability. The policy of policies shall be approved by the Attorney as to form and compliance with this section.
(B) The limit in any such insurance policy of such liability of the insurer on account of the ownership, maintenance and use of such taxicab shall be as determined by Council resolution.
(`89 Code, § 123.100)