(a) Any person, firm, partnership or corporation prior to transporting persons for hire as hereinbefore described within the Village shall, as a further requirement to the obtaining of a license for the transportation, submit to the Clerk-Treasurer for his approval or the approval of the Director of Law, an insurance policy indemnifying the operator and owner against loss or injury from negligent operation of such vehicle in the amount of not less that fifty thousand dollars ($50,000) for property damage and not less than one hundred thousand dollars ($100,000) for injury to one person, and not less than three hundred thousand dollars ($300,000) for injury to more than one person, and not less than five thousand dollars ($5,000) in medical payment insurance in connection with such other insurances. A copy of the insurance policy or a certificate of the company or companies issuing the same shall be filed with the Clerk-Treasurer to become a part of the application.
(b) All insurance policies required under this section shall be effective during the entire period for which the license issued is effective.