The owner of the autocab shall have filed with the clerk of the municipality
in which such operation is permitted, an insurance policy which shall
be issued by an admitted insurance company duly licensed to transact
business under the insurance laws of the this State or a company registered
to do business in the State and which company is a member of the New
Jersey Property-Liability Insurance Guaranty Association conditioned
for the payment of a sum of not less than $10,000, the policy providing
for not less than $50,000 of motor vehicle liability insurance coverage
or the amount of motor vehicle liability insurance coverage required
pursuant to section 1 of P.L. 1972, c. 197 (C. 39:6B01), which is
greater to satisfy all claims for damages, by reason of bodily injury
to, or the death of, any one person or persons resulting from or on
account of an accident, and the sum of not less than $20,000 to satisfy
all claims for damages, by reason of the 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 autocab upon
any public street, and conditioned for the payment of a sum not less
than $5,000 to satisfy any claim for damages to property of any one
person or persons, resulting from or on account of an accident, and
a sum not less than $5,000 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.
Nothing contained in this subsection shall prohibit the owner
of an autocab from obtaining any additional amount of motor vehicle
liability insurance coverage from a company licensed outside the State
of New Jersey.
The consent shall become effective and operation thereunder
shall be permitted only as long as the insurance policy shall remain
in force to the full and collectible amounts as aforesaid.
The insurance policy shall provide for the payment of any final
judgment recovered by any person on account of the ownership, maintenance,
or use of the autocab or any fault in respect thereto, and shall be
for the benefit of every person suffering loss, damage or injury as
aforesaid.