Before a taxicab license is issued by the Council, and at all times effective during the licensed period, the licensee shall have and maintain public liability and bodily injury insurance in the amount established by the City Council. The insurance shall cover all passengers carried by the insured licensee and shall be for public taxicab purposes. All policies shall contain a clause providing for a ten-day written notice to the Records Administrative Secretary before cancellation and a memorandum of the insurance shall be furnished to the city before a license is issued.
(`86 Code, § 4.37)