What are the Taxi Insurance Requirements for Morristown, New Jersey?

"a. Insurance required. No Taxicab License shall be issued unless the owner of the taxicab or livery shall have filed with the Municipal Clerk a copy of an insurance policy issued by a company duly licensed to transact business under insurance laws of this State, providing for the payment of not less than $100,000 to satisfy all claims for damages by reason of bodily injuries to or the death of all persons resulting from an accident, by reason of the ownership, operation, maintenance, or use of such taxicab or livery upon any public street in the Town, and further providing for the payment of a sum of not less than $10,000 to satisfy all claims for damages to property of all persons on account of any such accident by reason of the ownership, operation, maintenance, or use of such taxicab upon any public street in the Town.
b. The insurance policy shall provide that the insurance company shall notify the Town of Morristown 10 days prior to cancellation or substantial change in coverage.
c. Power of attorney. In accordance with the requirements of N.J.S.A. 48:16-5, the owner of each taxi shall execute and deliver to the Municipal Clerk, concurrently with the filing of a copy of the insurance policy, a power of attorney, wherein and whereby he shall appoint the Chief Financial Officer of the Town of Morristown as his true and lawful attorney for the purpose of acknowledging service of any process out of a court of competent jurisdiction to be served against the insurance by virtue of the indemnity granted under the insurance policy filed."