No person shall operate a taxicab or permit such to be operated until and unless the owner of the taxi deposits with the Mayor a policy or certificate of liability insurance for each of the owner's taxicabs, acceptable to and approved by the Mayor and the Village Solicitor, indemnifying the owner and the driver of the taxi in the sum of at least five hundred thousand dollars ($500,000) for injury to one person and one million dollars ($1,000,000) for injury to more than one person, and five hundred thousand dollars ($500,000) property damage in any one accident through the operation of the taxicab. 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. Such policy of insurance shall contain a provision for continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon. If at any time, in the judgment of the Mayor and the Solicitor, such policy is not sufficient for any cause, the Mayor may require the owner of such taxi to replace such policy with another approved by the Mayor and the Solicitor.