No permit to excavate or tunnel in or under any street, alley, public utility easement located on private property, prescriptive or otherwise, or other public place in the city shall be issued unless and until the applicant has filed with the city clerk proof of insurance in the sum of one million dollars ($1,000,000.00) conditioned to indemnify the city for any loss, liability or damage that may result or accrue for or because of the making, existence or manner of guarding or constructing any such tunnel or excavation or failure to properly restore the street or alley. (Ord. 3-2011, 7-11-2011)