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

"Insurance or bond requirements; exemption from insurance:
1. In accordance with N.J.S.A. 48:16-3, evidence of coverage of an insurance policy which shall be issued by an admitted insurance company duly licensed to transact business under the insurance laws of this State or a company registered to do business in this State, the policy providing for not less than $35,000.00 of motor vehicle liability insurance coverage or the amount of motor vehicle liability insurance coverage required pursuant to section 1 of P.L. 1972, c. 197 (C. 39:6B-1), whichever is greater, to satisfy all claims for damages, by reason of bodily injury to, or the death of, any person or persons, resulting from, or on account of, an accident, by reason of the ownership, operation, maintenance, or use of such autocab/taxi upon any public street, and to satisfy any claim for damages to property of any person or persons, resulting from, or on account of, an accident, by reason of the ownership, operation, maintenance, or use of such autocab/taxi upon any public street.
2. Nothing contained in this subsection shall prohibit the owner of an autocab/taxi from obtaining any additional amount of motor vehicle liability insurance coverage from a company licensed outside the State of New Jersey.
3. The license shall be effective and operation thereunder shall be permitted only so long as the insurance policy shall remain in force to the full and collectible amounts as aforesaid.
4. If such owner operates more than one autocab/taxi, in lieu of the policy required under N.J.S.A. 48:16-3, an owner may submit a bond or insurance policy of a company duly licensed to transact business under the insurance laws of this State, in the sum of $50,000.00, which shall be a blanket insurance covering all cabs operated by such owner which shall provide for the payment of any final judgment recovered by any person on account of the ownership, maintenance and use of any such autocabs or any fault in respect thereto, and shall be for the benefit of every person suffering loss, damage or injury as aforesaid.
5. As provided for under N.J.S.A. 48:16-8, in lieu of the insurance policy or bond required herein, any corporation organized under the laws of this State having a paid up cash capital of not less than $150,000.00 may carry its own liability insurance, if it can reasonably satisfy the commissioner of banking and insurance as to the permanence and financial standing of its business. The use of this exception shall be in accordance with New Jersey law.
6. The owner of the autocab/taxi shall execute and deliver to the clerk of the municipality concurrently with the filing of a policy or bond referred to in sections 48:16-3 and 48:16-4 of this title, a power of attorney, wherein and whereby the owner shall appoint the chief fiscal officer of the City of Summit 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 insured by virtue of the indemnity granted under the insurance policy or bond filed.
7. Where an autocab/taxi operates in more than one municipality, the insurance policy or bond required under this section shall be filed with the clerk of the municipality in which the owner has his principal place of business and certificates, in such number as may be necessary, certifying that the owner has complied with all the provisions of this section shall, by the clerk of the municipality, be delivered to the owner, who shall file the certificate with the clerk of each municipality in which such operation takes place.
8. Evidence of coverage shall list the VINs of all covered vehicles, and the covered drivers' names and drivers' license numbers."