(a) No person shall operate a taxicab or permit the same to be operated, nor shall any license be issued hereunder, until and unless the applicant for a license hereunder deposits with the Mayor a policy or certificate of liability insurance for each taxicab for which a license is sought, acceptable to and approved by the Mayor and the Solicitor, indemnifying the applicant in the sum of at least two hundred fifty thousand dollars ($250,000) for injury to any person, five hundred thousand dollars ($500,000) for injury to more than one person and fifty thousand dollars ($50,000) property damage in any one accident which occurs through the operation of the taxicab of the applicant. The policy shall further contain a clause obligating the surety company to give ten days written notice to the Mayor before cancellation of the policy, and the license shall expire upon the lapse or termination of the policy of insurance. Such policy of insurance shall contain a provision for a continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon. If at any time, in the judgment of the Mayor, such policy is not sufficient for any cause, the Mayor may require the owner of such taxicab to replace such policy with another approved by the Mayor and Solicitor.
(b) In lieu of the policy or certificate of liability insurance required under subsection (a) hereof, an applicant for an operator's license under this chapter may deposit with the Mayor a certificate of self-insurance issued by the Ohio Registrar of Motor Vehicles under authority of Ohio R.C. 4509.72.