Each person, firm or corporation engaged in the business of renting automobiles to the public, shall carry liability insurance on each automobile so rented to the extent of one thousand dollars ($1,000) property damage; five thousand dollars ($5,000) for injury to one person in any one accident; and ten thousand dollars ($10,000) for injury to two or more persons in any one accident. Such liability insurance shall be approved and filed with the Director of Finance before any license hereunder is issued by him.
(1952 Code § 25-27-3)