No license shall be issued and no taxicab shall be operated upon any street, avenue or public highway in the city until there shall have been filed with the clerk-treasurer a bond, indemnity undertaking or paid up policy of insurance executed by a company legally authorized to execute such instruments in the state running for the year of the license to be issued to the applicant as provided by this chapter. Such instrument shall provide for the payment of any final judgment that may be rendered against the insured for damages to property or for bodily injury or death of passengers or other persons resulting from collision or other accident for which such person may be liable while operating a taxicab described in his application in limits of liability not less than the amounts set forth from time to time in Indiana Code, 34-4-16.5-4, as amended. Such policy shall have a condition providing for fifteen days notice to the clerk-treasurer before cancellation of the same. (Prior code § 29-9)