The insurance required by section 42-146 shall be a public liability and property damage insurance policy with a company authorized
to do business in the state in covering each motor vehicle used or to be used by such
taxicab license owner. Such policy shall insure or indemnify taxicab passengers and
the public or members thereof receiving personal injuries, death, or property damage
by reason of any act of negligence in the sum of no less than the single-limit sum
per accident of $50,000.00. The liability of such company shall extend to such losses,
damages, injuries, or deaths whether the same occur or are caused by the negligent
operation of the insured's motor vehicle either inside or outside the city.
