The application shall show that the owner has procured and paid in advance the annual premium upon an insurance policy with an accredited and recognized insurance company doing business in the state, whereby the owner and the driver of each of the taxicabs which the owner will operate in the city are insured against liability for injury to any person as the result of the ownership, operation, or use thereof; the minimum liability limits upon each taxicab shall be in an amount to be determined by the City Manager for personal injury to any one person, persons, or for the injury to or destruction of property.
(`67 Code, § 3-10-3)