Before a license for the operation of any taxicab business shall be issued, and prior to the operation of any of such taxicabs if a license has been issued, there shall be filed with the finance director a policy of public liability insurance executed and delivered by a company authorized to carry on an insurance business in the state, the financial responsibility of which company shall theretofore have been approved by the city manager, by the terms of which the insurance company insures the owner and licensee of the taxicab operation against loss by reason of injuries to persons or property caused by the operation of such vehicle in the following amounts: comprehensive general liability of three hundred thousand dollars per occurrence for bodily injury, personal injury and property damages; automobile liability of three hundred thousand dollars combined single limit per accident for bodily injury and property damage; and workers’ compensation and employers’ liability as required by the labor code of the state of California and employers’ liability of one million dollars per accident; provided, however, that no policy of insurance issued by any mutual assessment or reciprocal company as defined by the California insurance code of the state shall be accepted by the city manager; and provided further, that such insurance shall not expire nor be revocable, except upon written notice to the finance director at least thirty days prior to such expiration or revocation. (Ord. 2217 NCS §1 (part), 2005.)