(a)   Each applicant for a taxicab operator's license shall also file, at the time of payment of the license fee, a good and sufficient indemnity bond or liability insurance policy issued by a company licensed to do business in the State, payable to the City, and for the benefit of any person or persons injured either in person or in property, which bond or insurance policy shall be in the sum of fifty thousand dollars ($50,000) for each person indemnified with a total liability of one hundred thousand dollars ($100,000) for any one accident, which bond or insurance policy shall be subject to the approval of the City Manager. The bond or insurance policy shall remain in these sums at all times and until every claim against the operator, damages, injuries or death incurred or suffered by property or persons, through neglect or wrongful act of the taxicab operator, his agents or drivers, and the conduct of the business is completely satisfied.
   (b)   The bond or insurance policy shall be so conditioned that the taxicabs of the operator will be operated in accordance with the laws of the State and the Charter and ordinances of the City, and that any judgment rendered in any court against the operator arising out of damage or injury to any person or property caused by the operation of the taxicab and due to the negligence or wrongful acts of the operators, agents or drivers, shall be paid.
   (c)   The bond or insurance policy shall further contain express provisions of the effect that it shall not become void on first recovery but may be sued upon and recovery had from time to time until the full amount is exhausted. In the event of payment of damages, by either the surety or insurer, the operator shall, at once, give additional bond in the amount so paid to the end that there shall be, at all times, in effect the principal sum herein specified available for compensation as aforesaid.
   (d)   Further provisions shall be contained in either the bond or insurance policy that the bankruptcy or insolvency of the operator shall not release the surety or insurer from payment required, but shall remain in full force and effect and shall be available to any person indemnified, the same as though the operator was not insolvent or bankrupt.
   (e)   Any bond or policy may make provisions for compensation for damages caused only to the property of any person other than the licensee in the sum of not less than fifty thousand dollars ($50,000).
   (f)   The bond or insurance policy shall further provide that no notice of any acts creating any liability thereunder shall be required and that the bond or policy shall not be canceled before ten days' written notice of the intention to cancel has been given to the City Manager and that the bond or policy shall remain in full force and effect until after the expiration of ten days from the date of service of that written notice. The bond or policy shall be renewed annually to the satisfaction of the City Manager.
(1987 Code 117.28)