No license to operate any taxicab or automobile kept for passenger hire shall be issued or renewed by the City Manager and no person shall operate or permit the operation of any such taxicab or automobile unless the owner of the same deposits and maintains on deposit with the City Manager a policy of an insurance company duly licensed to transact such business in the State, insuring within the amounts specified in such policy the owner of such taxicab or automobile, and also any person operating the same in the City as a taxicab or automobile for passenger hire under the authority of such owner, whether such authority is under contract of employment, lease or other transaction between the owner, or the owner's assignee or lessee, and such person operating such car, against loss from the liability imposed by law for damages on account of bodily injuries or death, and/or for damage to property resulting from such ownership, maintenance and use of such taxicab or automobile so kept for passenger hire in the City, and agreeing to pay to any judgment creditor to the extent of the respective amounts specified in such policy and final judgment rendered against the insured or such operator by reason of such liability. The limits in any such insurance policy of such liability of the insurer on account of the ownership, maintenance and use of each such taxicab or automobile shall be not less than one hundred thousand dollars ($100,000) for bodily injuries or death of any person, and subject to such limit as to injury or death, three hundred thousand dollars ($300,000) on account of any one accident resulting in injuries to and/or death of more than one person, and fifty thousand dollars ($50,000) on account of damage to property in any one accident.
Any such policy shall be subject to the approval of Council.
In the event that any such policy is canceled or revoked for any cause, the license herein issued shall be canceled forthwith by the City Manager.
In the event of recovery of any final judgment against the owner of any taxicab for damages on account of bodily injury or death and/or for damage to property resulting from such ownership, maintenance or use, and the nonpayment thereof for a period of thirty days thereafter, the City Manager shall forthwith revoke all licenses of all taxicabs of such owner.