§ 411-13. Insurance policy required.

No license shall be issued until the owner of the taxicab shall have filed with the Borough Clerk an insurance policy with a company duly licensed to transact business under the insurance laws of this state, conditioned for the payment of not less than $100,000 to satisfy all claims for damages by reason of bodily injuries 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 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 taxicab upon any public street in the Borough, and conditioned for the payment of a sum of not less than $10,000 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 taxicab upon any public street in the Borough.