Prior to a taxicab operator’s permit being issued, the taxicab operator shall be required to deposit and keep on file and in force and effect with the licensing officer a public liability insurance policy covering each and every motor vehicle operated or intended to be so operated, executed by an insurance company licensed and authorized to write such insurance policies in the State of Washington, assuring the operator against property damage and personal liability to the public, with the premiums paid and the payment noted thereon. Said policy of insurance shall provide a minimum coverage as follows:
A. Bodily injury liability, one hundred thousand dollars for each person;
B. Bodily injury liability, three hundred thousand dollars for each accident;
C. Property damage liability, fifty thousand dollars for each accident.
The provisions of this section shall not be construed to limit the right of any injured person to any private right of action against a taxicab operator as herein defined.