No license shall be issued under §§ 113.15 et seq. until the applicant shall submit and obtain the City Manager’s approval of a policy of insurance, or a surety bond, executed by a reputable company duly authorized by the laws of the state to do the insurance or surety business in this state, conditioned to pay all losses and damage proximately caused by or resulting from the negligent operation, maintenance, or use of any of the motor vehicles licensed as taxicabs, or for loss or damage to person or property of another in at least the following minimum amounts:
(A) For bodily injuries to or death to 1 person - $50,000;
(B) For bodily injuries to or death of all persons injured or killed in any 1 accident (subject to the limitation of division (A) above) - $100,000; and
(C) For loss or damage in 1 accident to property of others - $10,000.
(1981 Code, § 27-19) Penalty, see § 113.99