[Amended 1-4-1983]
Before the issuance of a license for a public service vehicle and while such license is in effect, the owner of the license shall have on file with the City Clerk a certificate of insurance as evidence that the vehicle is then properly insured under the Massachusetts Standard Liability Policy. In the case of such vehicle carrying passengers, the certificate of insurance shall indicate that the owner of the license is properly insured against damages for injuries to persons transported in the vehicle licensed, and travelers upon the highway, in the minimum sum of $25,000 for injury or death of one person and $50,000 for injury or death of more than one person in the same accident. In the case of such a vehicle carrying property, the certificate of insurance shall indicate that the owner of the license is properly insured in the sum of $5,000 against damage for loss or damage to the property transported in the vehicle licensed. In lieu of such certificate of insurance the licensee may have on file with the City Clerk an indemnity bond in the respective sums mentioned in each case, with ample surety or sureties, approved by the City Solicitor and City Clerk, conditioned for the safe carriage of passengers or the safe delivery of property to its destination, or both, as the case may be, for the benefit of any persons damaged. Failure to have such insurance certificate or bond on file with the City Clerk and in effect shall be a revocation of the license.