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.