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114.060. Renewals. Such declaration of public convenience and necessity shall not be necessary for the renewal of licenses provided~ nevertheless~ that failure to apply for the renewal of any license or licenses within thirty (30) days after the same are required~ shall be an abandonment of the right of the license holder to such renewal. 114.070. Vehicles -- Requirements. No public vehicle shall be licensed until it has been thoroughly and carefully examined and found to comply with the following: (1) To be in a thoroughly safe condition for the transportation of passengers. (2) To be clean and of good appearance and well painted and maintained. (3) Every vehicle shall have a device inside of each door by means of which the door may be easily opened from the inside. (4) Every public vehicle~ except those operated solely upon the hour basis~ shall be equipped with a taxi-meter in good working order~ having a light~ and sealed~ and so placed as to enable the passenger at all times to see the fare registered when operating on the meter basis. (5) There shall be conspicuously displayed in the compartment of the taxicab occupied by the passenger a printed card or sign showing the rate of fare charged as hereinafter provided. 114.080. Insurance Requirements. No such license shall be issued for the operation of any public vehicle on any public street or highway in said Village until the applicant shall obtain a policy of liability insurance in an insurance company authorized to do business under the laws of the State of Minnesota. The minimum liability insurance for each public vehicle carrying passengers as in this chapter specified shall be in an amount of Twenty Five Thousand Dollars ($25~ 000) for any individual personal injury claim and a minimum of Fifty Thousand Dollars ($50~ 000) for total personal injury claims for one accident~ and a minimum of Ten Thousand Dollars ($10~ 000) for total claim of property damage; such policy to be subject to the approval of the Village Attorney as to form; however ~ such policy shall contain a clause obligating the insurer to give ten (10) days written notice to the Village Council and to the insured or assured of any cancellation thereof earlier than its expiration date. Any license issued under this ordinance shall terminate whenever during the term of said license the owner~ lessee~ license holder~ or operator of said taxicab shall fail to keep in full force and effect such insurance in the full amount hereinbefore required.