Before the issuance of any such license card or plate, the owner of the taxi shall procure and file with the governing body of the county a liability insurance policy, together with a receipt showing the payment of the premium therefor, issued by a good and responsible insurance company to be approved by the governing body of the county, the company being one authorized to do business in this State and in possession of a certificate issued by the Department of Insurance. The amount of such liability insurance for each car shall be as follows: An amount not less than five thousand dollars for personal injury and an amount not less than one thousand dollars for property damage in any one accident. Such policy of insurance may be in the form of a separate policy for each taxi or may be in the form of a fleet policy covering all taxis operated by such owner if such policy shall provide for the same amount of liability for each taxi operated. A stipulation shall be made providing that no such policy above required may be canceled until the expiration of five days after notice of intended cancellation has been given in writing to the governing body of the county by registered mail or personal delivery of such notice.