Before any license is issued for any taxicab the owners thereof shall be required to file with the city clerk a certified copy of a policy of insurance executed by an insurance company authorized to do business within the state of Idaho, insuring the public against any loss or damage that may result to any person from the operation of said taxicab, provided the limited amount of liability in such policy of insurance specified shall be as follows: property damage, not less than ten thousand dollars ($10,000.00); public liability for two (2) or more persons, not less than twenty thousand dollars ($20,000.00). (1960 Code, Sec. 2-303; amd. 1977 Code)
The license to operate such taxicabs shall expire of itself or terminate upon the cancellation of said insurance for failure to pay premiums or for any other reasons, and no license shall be granted or be effective unless the taxicab for which said license is requested has been fully covered with insurance as herein specified. (1960 Code, Sec. 2-303)