The permittee shall have and maintain in force bodily injury and property damage insurance with limits at a minimum of one million dollars ($1,000,000.00). If the permittee has an established self-insured program of at least one million dollars ($1,000,000.00), verification of such a program will be an acceptable substitute to the insurance requirement. Permittee by working under this chapter does thereby indemnify and hold harmless the city against all actions, claims and suits. (1959 Code § 4-7-23)