No license to operate any taxicab shall be issued or renewed by the City Manager until the applicant deposits and maintains on deposit with the City Manager a policy of liability insurance issued by a responsible insurance company, duly licensed to transact such business in the State. The policy shall insure, within the amounts specified in it, the owner of the taxicab and any person operating the same as a taxicab under the authority of the owner, whether the authority is under contract of employment, lease or other transaction of the owner or the owner's assignee or lessee and the person operating such taxicabs, against loss from the liability imposed by law for damages on account of bodily injuries or death or for damage to property other than injuries, death or property damage of the insured or insured's employee, resulting from the ownership, maintenance or use of the taxicab. The policy shall provide for payment to any judgment creditor, to the extent of the respective amounts specified in the policy, any final judgment rendered against the insured or the operator by reason of such liability. Such policy shall be approved as to sufficiency by the Mayor and as to legality by the Director of Law. The policy shall be renewed annually to the satisfaction of the City Manager.