No person shall own, operate or cause to be operated upon any public street within the town a taxicab unless there shall first be filed with the clerk-treasurer a standard policy of public liability insurance executed by a company, mutual association, or reciprocal exchange, legally authorized to execute such instruments in this state, and which policy is approved by the board of trustees. The policy must be kept in continuous effect, guaranteeing the payment of all damages, recovered by judgment or compromise, resulting to any person or property, in any situation, from any and all accidents and collisions due to any negligence or willfulness in the use or operation of each and all such taxicabs. Such policy of insurance shall be conditioned to be payable for the use, benefit and indemnity of all persons, other than employees of said licensee, who may suffer such loss and damage from personal injury, or death, or to property, so resulting from any such conduct; and shall be in a sum of not less than one hundred thousand dollars for each such injury, or the death, of any one person, in any accident or collision, and of not less than a total of three hundred thousand dollars for such injuries, or the deaths, of more than one person, arising out of any one accident or collision; and of not less than ten thousand dollars for damage to the property of such person or persons, so resulting in any instance. Such policy of insurance shall be kept continuously in effect in a solvent company, approved by the board of trustees, at all times that the license to operate taxicabs remains in force, and shall always provide for such continuing minimum limits of liability and indemnity which may arise in each and every accident and collision, involving each taxicab operated by any owner or licensee, and there shall be no reduction in such amounts by reason of any payments of such damages for any one or more such accidents and collisions; provided, that any owner or operator who has qualified, and furnishes evidence of having so qualified, as a self-insurer, as provided for in Chapter 159, Acts of 1947, of the Indiana General Assembly, and acts amendatory and supplementary thereto, shall be deemed to have complied with the provisions of this chapter, so long as such owner or operator remains qualified as a “self-insurer.” Any failure to comply herewith shall constitute a violation of this chapter, and shall also require the revocation of any and all licenses held hereunder. (Ord. 383 § 13, 1966).