(a) No permit shall be issued unless the applicant shall file with the City Secretary a surety bond by a surety acceptable to the city in the sum of not less than five thousand ($5,000), which bond shall protect the city from all costs and damages which may result in the moving of any building or structure.
(b) The applicant shall procure and keep in full force and effect a policy of public liability and property damage insurance issued by a casualty insurance company authorized to do business in the State and in the standard form approved by the State Board of Insurance Commissioners. Such policy shall contain a provision that the city shall be fully indemnified. Such insurance policy shall insure the public from any loss or damage that may arise to any person or property by the reason of the moving of a building or structure by the applicant and providing that the following recovery limits be not less than the following:
(1) For damages arising from bodily injury to or death of one (1) person in any one accident--$100,000
(2) For damages arising from bodily injury to or death of two (2) or more persons in any one accident--$300,000
(3) For injury to or destruction of property in any one accident--$50,000
(c) The City Council may waive any insurance or bonding requirements provided for herein or may require a lesser amount of coverage if in its opinion the public will be adequately protected.