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The director shall not issue any ambulance license unless the applicant files with him a policy of liability insurance on such ambulance. The maximum amount of recovery in such policy shall not be less than the following sums:

(1) For injuries to any one person or the death of any one person in any one accident, $50,000;

(2) For injuries to two or more persons, or the death of two or more persons, or for injuries to one person or more, and the death of one person or more in any one accident, $100,000; and

(3) For the injury or destruction of property in any one accident, $5,000. (Ord. 505 § 3. 2002 Code § 6-8.6).