Every person, firm or corporation, before operating a taxi, shall secure a public liability and property damage insurance policy in the amount of twelve thousand five hundred dollars ($12,500) because of bodily injury to or death of one person in any one accident, in the amount of twenty-five thousand dollars ($25,000) because of bodily injury to or death of two or more persons in any one accident, and in the amount of seven thousand five hundred dollars ($7,500) because of injury to property of others in any one accident. Copies of such policies shall be filed with the Mayor when the license is secured.