No person operating or intending to operate a business of carrying passengers for hire in the City shall operate or cause to be operated any taxicab under the provisions of this chapter until and unless such person first files with the City Manager, copies of an insurance contract for each vehicle used or intended to be used as a taxicab; such insurance shall provide casualty coverage of not less than five hundred thousand dollars ($500,000) for a personal injury or death of one person, nor less than one million dollars ($1,000,000) for the personal injury or death of two or more persons, nor less than two hundred fifty thousand dollars ($250,000) for property damage. Such insurance contract shall at all times be kept in full force and effect and shall be kept on deposit with the City Manager. Failure to establish and maintain such insurance coverage shall be cause for revocation of the license provided by this chapter.
This policy of insurance shall provide, in addition to its other provisions, that no notice of any acts creating any liability thereunder will be required from the City, that such policy shall not be cancelled before ten days written notice of intention to so cancel has been given the City Manager and that such policy shall remain in full force and effect until the ten days have elapsed from the date of service of the written notice.