Each person, firm or corporation engaged in the business of renting trailers as defined herein, shall carry liability insurance on each trailer so rented to the extent of five thousand dollars ($5,000) in property damage; twenty-five thousand dollars ($25,000) for injury to one person in any one accident; and fifty thousand dollars ($50,000) for injury to two or more persons in any one accident. Such liability insurance shall be approved by and filed with the Director of Finance before any license hereunder is issued by him. Such policy shall provide that the insurance carrier shall pay, not later than thirty days after any judgment is recovered against the owner or lessor of such trailer for damage to property or personal injuries sustained or wrongful death caused by the negligence of the owner or lessor of such trailer. Such policy shall provide coverage to the licensee, his or its lessor or authorized agent of the lessor.
(1952 Code § 25-27-9; Ord. 198-61)