Every insurance policy required by § 124.055 shall be limited to not less than $100,000 for the injury or death of one person and $300,000 for the injury or death of two or more persons in the same accident and $10,000 for injury or destruction of property. Such policy of insurance shall guarantee the payment to all persons suffering injury or damage to person or property of any final judgment rendered against such owner or driver, with the limits mentioned in this section, irrespective of the financial condition or any acts or omissions of such owner or driver and shall inure to the benefit of such person and to the widow, child or personal representative of a person killed while a passenger. Each policy shall contain a stipulation that any cancellation or revocation of such policy shall be without effect unless and until the city is notified thereof in writing 30 days prior to the cancellation thereof.
('64 Code, § 22-36) (Ord. 163, passed 12-20-60)