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(ii) ��re—Liability insurance required; contents: <br /> (1) No company license may be issued, or continued in <br /> operation, unless there is on file in the office of <br /> the Controller, and in force and effect a current <br /> policy of insurance covering each vehicle to be <br /> operated as a taxicab in an amount of not less than <br /> fifty thousand dollars ($50, 000 . 00) for injury to or <br /> destruction of property as a result of any one (1) <br /> occurrence and a public liability policy covering <br /> accidental bodily injury, including death, to any <br /> member of the public in� an amount of not less than <br /> three hundred thousand dollars ($300, 000 . 00) for all <br /> public liability from any one (1) occurrence. The <br /> policy of insurance shall also provide for uninsured <br /> and under insured coverage in an amount of not less <br /> than $100, 000 . 00 . The policy of insurance sha11 also <br /> include medical benefits in an amount of not less than <br /> $50, 000 , 00 . The policy shall be updated annually and <br /> be on file with the office of the Controller before <br /> any issuance or renewal of a company license. <br /> (2) The policy of insurance shall insure the owner <br /> and agent against liability for the payment of any <br /> final judgment, less any deductible amounts, or <br /> retained limits not in excess of one thousand dollars <br /> ($1, 000 . 00) that may be rendered against the owner or <br /> agent for injury or damages to the property or person <br /> of otliers, or for damage for the wrongful death of <br /> others, resulting from any accident or collision for <br /> which the owner or agent will be liable on account of <br /> any act of negligence in the operation of the taxicab, <br /> or which may arise or result from any violation of any <br /> of the provisions of this article or the laws of the <br /> State, by him or any agent . <br /> (3) The policy of insurance on file in the office of <br /> the Controller shall contain the following provision: <br /> "The City, through the office of the Controller, will <br /> be given fifteen (15) days ' notice prior to the <br /> effective date of the cancellation or other material <br /> change of this policy. �� <br /> (7 7 ) �e- Payment of fee prerequisi te to issuance; <br /> exception: <br />