Every applicant for a taxicab owner's license shall, together with his application, submit an insurance policy of a company duly licensed to transact business under the insurance laws of this 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 the bodily injury to, or the death of, all persons, on account of any such accident by reason of the ownership, operation, maintenance or use of such autocab upon any public street; and conditioned for the payment of a sum not less than $50,000 to satisfy any claim for damages to property of any one person resulting from an accident, and a sum not less than $50,000 to satisfy all claims for damages to property of all persons on account of any such accident by reason of the ownership, operation, maintenance or use of such autocab upon any public street, and such insurance as may otherwise be required by N.J.S.A. 48:16-1 to 48:16-22, as now or hereafter amended or supplemented.