No license shall be issued hereunder until and unless the applicant for a license deposits with the Director of Finance a policy or certificate of liability insurance for each vehicle for which a license is sought, accepted and approved by the Mayor, in the sum of at least twenty-five thousand dollars ($25,000) for injury to one person, fifty thousand dollars ($50,000) for injury to more than one person and five thousand dollars ($5,000) property damage in any one accident through the operation of such vehicle. Such policy shall further contain a clause obligating the surety company to give not less than ten days' written notice before cancellation of the policy to the Mayor, and such license shall expire upon the lapse or termination of such policy of insurance.
(Ord. 1957-33. Passed 3-19-57.)