Upon an application being granted, the applicant shall, before the license is issued, take out liability insurance in a company licensed to do business in the State and to be approved by the Mayor and City Council, in a sum not less than one hundred thousand dollars ($100,000.00) for each person, three hundred thousand dollars ($300,000.00) each accident for personal injuries and a sum of not less than fifty thousand dollars ($50,000.00) property damage for each taxicab licensed, not cancelable without ten (10) days' written notice to the City. The applicant must also file competent evidence with the Mayor and City Council that the policy covers the period for which a license is to be granted. (Refer to Appendix A following this Code.) (1988 Code § 9-906)