No license to operate any taxicab or automobile kept for. hire shall be issued, transferred to a taxicab or automobile, or renewed by the Mayor, and no person shall operate or permit the operation of such unless and until the owner of the same shall deposit and maintain on deposit with the Mayor, a certificate of insurance of an insurance company and/or companies duly licensed to transact such business in the State, certifying that it is insuring the owner of such taxicab or automobile kept for hire and any chauffeur or driver operating the same, against loss from liability imposed by law for damages on account of bodily injuries or death with limits of not less than one hundred thousand dollars ($100,000) to any one person, and three hundred thousand dollars ($300,000) for any one accident, and with a limit of fifty thousand dollars ($50,000) for damages to property resulting from such ownership, maintenance or use of such taxicab or automobile so kept for passenger hire in the Village, and agreeing to pay to any judgment creditor to the extent of the respective amounts specified in such policy, any final judgment rendered against the insured or such operator by reason of such liability. (Ord. 89-25. Passed 9-11-89.)