(A)   Before the Board of Pubic Works and Safety shall issue a license under the provisions of this chapter to operate a taxicab for hire, the prospective licensee shall file with the Board a certificate executed by a duly authorized officer of an insurance company authorized to write insurance in the state to the effect that a policy of insurance has been issued to the licensee for the taxicab, is in full force and effect, the premium has been paid as required, together with a true copy of the policy contract or certificate of insurance.
   (B)   The policy of insurance for each licensed taxicab shall be in the sum of $10,000, conditioned for the payment of any final judgments recovered against any person for the death or injury of persons caused in the operation, maintenance, use, or defective condition of the taxicab; further, the policy may be limited to the sum of $20,000 to more than one person, and may limit the liability of the insurer to $5,000 for damages to or destruction of property.
   (C)   In the event the maximum liability of the insurance company under the policy shall be reduced by any recovery in any amount, the licensee, before operating the taxicab, shall re-comply with the provisions of this section with respect to insurance on the taxicab the same as if no policy of insurance thereon had been issued.
   (D)   Any insurance company whose policy has been so filed pursuant to this section may file a notice in the office of the Board of Public Works and Safety of its intention to terminate and cancel the policy of insurance and give notice thereof to the named licensee. After ten days of filing, unless the licensee or owner shall re-comply with the provisions of this chapter with respect to insurance, the licensee or owner shall cease to operate or  cause to be operated within the city the taxicab for hire, the license issued therefor shall be automatically revoked, and liability on the policy of insurance shall cease and terminate.  However, the liability of the insurance company under the cancelled or revoked policy for any act or omission of the licensee or owner occurring prior to the effective date of cancellation shall not be discharged or impaired thereby.
(`81 Code, § 119.14)  Penalty, see § 10.99