The application shall be referred to the Board of Public Works and Safety for review and recommendation. The Board may require the applicant to file a certificate of insurance indicating that there is in effect public liability insurance covering any damages arising out of the use and operation of any and all devices and facilities operated in connection with a carnival or circus. Insurance, if required, shall be in the minimum amount of $100,000 for each person, and $300,000 for each incident, and shall contain a clause holding the city harmless from any liability.
(`84 Code, § 4-12(c))