[1975 Code § 105-8; New]
No taxicab shall be licensed until the owner of the taxicab shall have filed with the Borough Clerk an insurance policy, or a certificate in lieu thereof, 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 $500,000 to satisfy all claims for damages by reason of bodily injuries to or death of any one person resulting from an accident, and a sum of not less than $500,000 to satisfy all claims for damages by reason of bodily injuries to or death of all persons on account of any such accident, and conditioned for the payment of a sum of not less than $100,000 to satisfy all claims for property damage on account of an accident.