New Jersey Statutes Title 48. Public Utilities 48 § 16-4

If such owner operates more than one autocab, he may file with the clerk of the municipality, in lieu of the policy required by section 48:16-3 of this title, a bond or insurance policy of a company duly licensed to transact business under the insurance laws of this state, in the sum of fifty thousand dollars, 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.