The Authority shall adopt regulations requiring all operators of taxicabs subject to its regulation and supervision to maintain a contract of insurance against liability for injury to persons and damage to property for each taxicab. The amounts of coverage required by the regulations:
1. Must not exceed a total of:
(a) For bodily injury to or the death of one person in any one crash, $250,000;
(b) Subject to the limitations of paragraph (a), for bodily injury to or death of two or more persons in any one crash, $500,000; and
(c) For injury to or destruction of property in any one crash, $50,000; or
2. Must not exceed a combined single-limit for bodily injury to one or more persons and for injury to or destruction of property in any one crash, $500,000.