A. All owners and operators of taxicabs and vehicles for hire, as herein designated, shall purchase, and have in full force and effect at all times during which such taxi or vehicle is operated within the city, a policy of public liability insurance covering any person, firm or corporation who might suffer injury or damage by reason of negligence of the owner or operator of the motor vehicle or vehicles for hire, arising from the ownership or operation thereof. The public liability insurance shall be for the following minimum limits:
1. For bodily injury to any one person, one hundred thousand dollars ($100,000.00);
2. For bodily injury to two (2) or more persons arising out of any one accident, two hundred thousand dollars ($200,000.00); and
3. For property damage, fifty thousand dollars ($50,000.00).
B. In addition thereto, all taxis shall be required to carry minimum limit liability insurance coverage required to fully comply with the financial responsibility laws of the state. There shall be no maximum limits for the amount of such insurance carried. A certificate showing the above insurance coverage shall be deposited with the city clerk for each taxicab operated for hire within the city. (2000 Code § 16-208)