All taxicab owners and operators shall, at the time they obtain their City business license, as required by Chapter 11 of the Evanston City Code, also file with the City clerk a certificate of insurance executed by an insurance company or association authorized to transact business in this state, indicating that there is in full force and effect a policy of insurance for the term of the business license, to pay any final judgment against the holder of said business license for bodily injury to or death of any person resulting from the negligent operation, maintenance or use of taxicabs under such business license, or for loss or damage to the property of others in an amount of at least $500,000.00. Such policy or policies shall cover all taxicabs used or to be used by the holder of the business license.
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