No taxicab business license shall be issued until the person applying therefor shall file and deposit with the City Clerk a policy of insurance issued either by an insurance company authorized to do business in the State, or by an insurance carrier which must qualify either by having or maintaining at all times total assets in excess of $1,000,000 or shall have been engaged as an insurance carrier in the insurance business continuously for more than 25 years prior to the date of the issuance of such insurance policy, which insurance company or insurance carrier must be approved as to its qualifications under this section by the City Council, and which insurance policy so issued as aforesaid shall provide insurance coverage for each and every taxicab owned or operated by the applicant with a liability coverage of not less than $50,000 for any injury to or death of any one person, and $100,000 for the injury or death of any number of persons in any one accident, and with a property coverage of not less than $10,000 for property damage in any one accident. Such insurance policy shall contain an endorsement which shall cover each and every taxicab at all times while licensed under this chapter, and shall be effective whether the taxicab at the time of any accident was being driven by the owner, any agent, employee, lessee or licensee. Such policy shall be of standard form as required by the laws of the State and by the Insurance Commissioner of the State, and shall carry a uniform endorsement providing for the actual notice to the City of any changes thereof. Such insurance policy shall further provide that it cannot be canceled until 10 days’ written notice of such cancellation has been filed with the City Clerk, and should the policy be issued by an insurance company not legally authorized to do business in the State, then and in that event there shall be attached to such policy a written endorsement appointing and designating some person within the State as a resident agent of the company upon whom legal service of summons may be had. (Ord. 17794 § 1, 2-12-02. Code 1981 § 46-65. Code 1995 § 154-88.)