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(ii) Beint—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 the <br /> Controller, and in force and effect a current policy of <br /> insurance covering each vehicle to be operated as a taxicab <br /> in an amount of not less than fifty thousand dollars <br /> ($50, 000 . 00) for injury to or destruction of property as a <br /> result of any one (1) occurrence and a public liability <br /> policy covering accidental bodily injury, including death, <br /> to any member of the public in an amount of not less than <br /> three hundred thousand dollars ($300, 000 . 00) for all public <br /> liability from any one (1) occurrence . The policy of <br /> insurance shall also provide for uninsured and under insured <br /> coverage in an amount of not less than $100, 000 . 00. The <br /> policy of insurance_shall also include.medical benefits in <br /> an amount of not than__$50., 000 ..00 . The policy shall be <br /> updated annually and be on file with the office of the <br /> Controller before any issuance or renewal of a company <br /> license. <br /> (2) The policy of insurance shall insure the owner and <br /> agent against liability for the payment of any final <br /> judgment, Less any deductible amounts, or retained limits <br /> not in excess of one thousand dollars ($1, 000 . 00) that may <br /> be rendered against the owner or agent for injury or damages <br /> to the property or person of others, or for damage for the <br /> wrongful death of others, resulting from any accident or <br /> collision for which the owner or agent will be liable on <br /> account of any act of negligence in the operation of the <br /> taxicab, or which may arise or result from any violation of <br /> any 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 the <br /> Controller shall contain the following provision: "The City, <br /> through the office of the Controller, will be given fifteen <br /> (15) days ' notice prior to the effective date of the <br /> cancellation or other material change of this policy. " <br /> (jj ) Sone Payment of fee prerequisite to .issuance; exception: <br /> 28 <br />