Each licensee under this subchapter shall carry public liability and property damage insurance covering each vehicle operated by it for the sum of at least $50,000 for property damage, $100,000 for injury or death of any one person and $300,000 for injury or death of more than one person in any one accident. The policy shall be deposited with the City Clerk before the issuance of the license required by this subchapter.
(2000 Code, § 5.56.110)