No license shall be issued for and no taxicab, automobile or similar vehicle used for hire, shall be operated or used in or upon the streets of the city for the purpose of carrying passengers for hire, and it shall be unlawful to so operate such taxicab, unless there shall have been filed with the Clerk-Treasurer a liability contract of insurance, issued to the owner of such taxicab, which shall be on the form of the standard automobile liability insurance policy in customary use, to be approved by the Council and issued by an insurance company licensed to do business in the state, said policy to include provisions naming the city as an additional insured, to secure payment, in accordance with the provisions thereof, to any person, except employees of the owner, for personal injuries to such persons and for any damage to property, except property owned by, rented to, leased to, in charge of or transported by the owner, other than baggage of passengers, caused by the operation of such taxicab, in the amount of $300,000 combined single limit or equivalent.
(1992 Code, § 491:20) Penalty, see § 10.99