No person shall be entitled to receive a taxi owner's license until he shall have complied with the foregoing requirements, nor until such taxicab shall have been inspected and approved by the Chief of Police of said Township, who shall endorse his approval upon such application, nor until the owner shall have been fingerprinted and such prints filed at police headquarters of said Township, nor until such person shall have filed with the Township Clerk an insurance policy, with the premium prepaid thereon, of a company duly licensed to transact business under the insurance laws of the State of New Jersey, conditioned for the payment of a sum of not less than $50,000 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 $100,000 to satisfy all claims for damages by reason of bodily injuries to or the death of all persons on account of any such accident, by reason of the ownership, operation, maintenance or use of such taxicab; and conditioned for the payment of a sum of not less than $5,000 to satisfy all claims for damages to property of any person on account of any such accident by reason of the ownership, operation, maintenance or use of such taxicab. Such taxicab shall be licensed only so long as the insurance policy shall remain in full force to the full and collectible amounts as mentioned aforesaid. Such insurance policy shall provide for the payment of any final judgment recovered by any person on account of the ownership, maintenance or use of such taxicab or any fault in respect thereto and shall be for the benefit of every person suffering loss, damage or injury as mentioned aforesaid. A power of attorney shall be executed and delivered to the Township Clerk concurrently with the filing of such policy of insurance, wherein and whereby such owner shall nominate, constitute and appoint the Township Clerk his true and lawful attorney for the purpose of acknowledging service of any process out of a court of competent jurisdiction to be served against the insured by virtue of the indemnity granted under such insurance policy.