Before any license required by this division shall be issued, the applicant for such
license shall deposit with the city an insurance policy or policies from an insurance
company or companies duly licensed to transact such business in the state, insuring
the operation of any of the licensee's taxicabs to be licensed against loss from the
liability imposed by law for damages [on account of bodily injuries or death or for
damages] to property resulting from the ownership, maintenance or use of any taxicab
to be owned or operated under such franchise and license, and agreeing to pay any
judgment creditor to the extent of amounts specified in such policy, any final judgment
rendered against the assured by reason of such liability. The policy or policies shall
be approved by the corporation counsel as to form and compliance with this division.
The limit in any such insurance policy of such liability of the insurer on account
of the ownership, maintenance and use of such taxicab shall not be less than one hundred
thousand dollars ($100,000.00) for bodily injury to each person; three hundred thousand
dollars ($300,000.00) for bodily injury for each accident; and fifty thousand dollars
($50,000.00) property damage liability.
