Before any permit shall be issued, the applicant shall also deposit with the Secretary to the Mayor an insurance policy, issued by a company authorized to write insurance in the State of Ohio, designating the City as the insured therein, by the terms of which the City is saved harmless from any and all claims for bodily injury within the limits of two hundred fifty thousand dollars ($250,000) for each person and five hundred thousand dollars ($500,000) for each accident and for property damage claims in the amount of five hundred thousand dollars ($500,000) for each accident arising or growing out of the street opening or removal of the surface of any sidewalk or opening in any sidewalk or the prosecution of the work for which the permit is obtained or in any manner arising or growing out of the work necessary or incident to the issuance of the permit or that may be occasioned by reason of any opening or anything else done pursuant to the permit.