Prior to the issuance of a permit, the applicant shall provide the village with a surety bond, in an amount to be fixed by the Village Council, inuring to the benefit of the Village of Bingham Farms conditioned upon the applicant faithfully performing all of the conditions and requirements under which the permit is issued. The applicant shall also provide the certificate of a licensed insurance company, in an amount reasonably relevant to the proposed work to be done, insuring the village and the public against any loss or damage to persons or property arising directly or indirectly from the operations of the applicant or any persons acting in his or her behalf in carrying on any work connected directly or indirectly with the issuance of said permit.
(O.C. § 5.388)