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   An application under this chapter shall be accompanied by a liability insurance policy or adequate certificate thereof, issued by an insurance company authorized to do business in the State and approved as to form by the Director of Law, in limits for bodily injury or loss of life of three hundred thousand dollars ($300,000) per person, five hundred thousand dollars ($500,000) per accident, and property damage liability of one hundred thousand dollars ($100,000) per accident. Such insurance shall serve as an indemnity for any damage which the City may sustain by reason of damage or injury to any highway, street, alley, sidewalk, fire hydrant, traffic control signal or other property of the City which may be caused by or be incidental to the removal of any building over, along or across any street in the City, and to indemnify and save the City harmless from any claim for damages to persons or private property or legal expense as a result thereof, and to satisfy any claims by private individuals arising out of, caused by, or incidental to, the moving of any building over, along or across any street in the City. Such insurance coverage shall also include protection in the event of explosion, collapse or damage to underground utilities, and shall include a thirty-day minimum notice of cancellation provision.