(a) Each policy required by this chapter shall cover each taxicab operated by an owner for not less than the following sums:
(1) For the injury to any one person, or the death of any one person in any one accident, One Hundred Thousand and no/100ths ($100,000.00) Dollars;
(2) For the injury to or the death of two (2) or more persons in any one accident, Three Hundred Thousand and no/100ths ($300,000.00) Dollars; and
(3) For the injury to or destruction of property in any one accident, Fifty Thousand and no/100ths ($50,000.00) Dollars.
(b) The public liability insurance specified in this section shall be executed by an insurance company authorized to do business in the State by the Insurance Commissioner of the State.
(c) Up to Twenty-Five Thousand and no/100ths ($25,000.00) Dollars of the insurance requirements set forth in subsection (a)of this section may be satisfied by depositing with the Department of Motor Vehicles of the State sufficient cash or a bond pursuant to Sections 16020 et seq. of the Vehicle Code of the State. If a portion of the insurance requirements are satisfied by such deposits, no permit shall be granted until a certified copy of the acknowledgement of the deposit issued by the Department of Motor Vehicles of the State specifying the amounts of such deposits has been filed with the Tax Collector. (§ 1, Ord. 893, eff. November 1, 1980, as amended by § 1, Ord. 912, eff. July 9, 1981)