No annual license, as required in Section 767.04, and no daily license for any period, except for the period on which any fair, race or gathering shall be held on the County Fairgrounds , shall be granted, unless the owner or operator of the vehicle in question has an insurance policy acceptable to the Director of Finance in conditions, amount and security to cover all public liability, and all damage to passengers, arising out of the operation of the vehicle. The insurance policy shall be maintained in force and effect throughout the entire term of the license or any renewal or extension thereof.
(1984 Code Sec. 117.17)