In order to ensure the safety of the public, it shall be unlawful for the holder to operate or cause or permit a taxicab to be operated, nor shall any license be issued hereunder until and unless the applicant shall have complied with the provisions of N.J.S.A. 48:16-1 to 48:16-12 and the acts amendatory thereof or supplemental thereto; provided, however, that an insurance policy of a company duly licensed to transact business under the insurance laws of the state, conditioned for the payment of a sum of not less than $100,000 to satisfy all claims for damages, by reason of bodily injury to, or the death of, any one person, resulting from an accident; and a sum of not less than $300,000 to satisfy all claims for damages by reason of bodily injuries to, or the death of, all persons, on account of any accident, by reason of the ownership, operation, maintenance or use of such taxicab upon any public street; and the sum of $50,000 to satisfy any claim for damages to property, shall be requested as minimum coverage.