(A) It shall be unlawful for any person engaged in the business of transporting passengers for hire over the public streets of the town to operate on the public streets of the town any taxicab (except those operated under the jurisdiction of the Utilities Commission of the state) without furnishing and keeping in effect for each taxicab so operated a policy of insurance or surety bonds with sureties whose solvency shall at all times be subject to the approval of the Board of Commissioners, which policy of insurance or surety bonds shall be conditioned on such operator responding in damages for any liability incurred on account of any injury to person, persons or damage to property resulting from the operation of such taxicab in the following amounts:
(1) Ten thousand dollars for injury to one person in case of one accident;
(2) Twenty thousand dollars for injury to more than one person in one accident; and
(3) One thousand dollars for property damage in one accident.
(B) Such policy or bonds shall be filed with the Town Administrator/Clerk as a condition precedent to the operation of any such taxicab.
(1992 Code, § 115.11) Penalty, see § 115.99