No license to engage in a public transfer business shall be issued to the applicant therefor by the business license administrator of the city until and after such applicant has filed with the city clerk, and the same has been approved by the mayor, a liability insurance policy or bond in some insurance company or association or other insurer authorized to transact business in the state, which liability insurance shall bind the obligors thereunder to make compensation for damage to or destruction of any property of one or more persons to a maximum amount of one thousand dollars ($1,000.00) by reason of the applicant's legal liability for damages in consequence of any one accident resulting from the negligent operation or use of any public transfer vehicle used in such public transfer business and which liability insurance shall bind the obligor thereunder to make compensation for bodily injuries, including death at any time resulting therefrom, to one person to a maximum amount of five thousand dollars ($5,000.00) by reason of the applicant's legal liability for damages in consequence of any other accident resulting from the negligent operation or use of any public transfer vehicle used in such public transfer business, and subject to that limit a maximum amount of five thousand dollars ($5,000.00) for each person, which liability insurance shall bind the obligors thereunder to make compensation for bodily injuries, including death, at any time resulting therefrom to more than one person, to a total maximum amount of ten thousand dollars ($10,000.00), by reason of the applicant's legal liability for damages in consequence of any one accident resulting from the negligent operation or use of any public transfer vehicle used in such public transfer business. Such insurance policy or bond shall be and remain in full force and effect during the period of time for which such license is issued.

(Code 1964, § 11.290)