No license shall be issued and no taxicab shall be operated upon any street, avenue, or public highway in the city, until there has been filed with the Clerk-Treasurer an indemnity undertaking or policy of insurance executed by an insurance company legally authorized to execute such instruments in the state, running for at least the year of the license to be issued to the applicant, subject to the approval of the Clerk-Treasurer. Said insurance shall provide for the payment of any final judgment that may be rendered against the insured for damages to property or for bodily injury or death of passengers or other persons resulting from collision or other accident for which said person, persons, firm, or corporation may be found liable while operating the taxicab described in said application, in the sum of up to $5,000 for property damages and $50,000 to $100,000 for the injury or death of any person or persons so injured or killed as above provided. In addition, such insurance policies shall provide that if the policy is cancelled by the company during its term, ten days' written notice prior to such cancellation will be given to the city.
('74 Code, § 112.10) (Ord. 1476, passed 2-15-60) Penalty, see § 112.99