Before any license shall be issued to any applicant:
A. Bond: The applicant shall be required to give a fiduciary bond running to the city in the sum of:
1. Private patrol or security service, ten thousand dollars ($10,000.00).
2. Private patrol agent, two thousand five hundred dollars ($2,500.00).
B. Insurance: General and personal liability insurance for bodily injury, sickness, disease or death sustained by persons and arising out of assault, battery, false imprisonment, false arrest, malicious prosecution, abuse of process, libel, slander, misrepresentation, deceit, or interference with property and contract rights. The minimum limits for such insurance shall be five hundred thousand dollars ($500,000.00) for the result of any one occurrence or accident regardless of the number of persons injured or the number of claimants. (2003 Code § 5-08-07)