No taxicab shall be licensed until an insurance policy or certificate
in lieu thereof, together with power of attorney appointing the Township Clerk
as lawful attorney for the acknowledgment of service, has been filed with
the Township Clerk pursuant to N.J.S.A. 48:16-1 to 48:16-22, as amended and
supplemented.
All policies of insurance shall be conditional for payment of a sum
not less than $100,000 to satisfy all claims for damages by reason of bodily
injury to or the death of any person resulting from an accident, and a sum
of not less than $300,000 to satisfy all claims for damages by reason of bodily
injury to or the death of all persons on account of any accident, and conditioned
for the payment of not less than $25,000 to satisfy any and all claims for
damages to the property of any one or all persons.