An application for a permit to move a building shall be accompanied by a cash deposit in the sum of three hundred thousand dollars ($300,000) as an indemnity for any damage which the City may sustain by reason of damage or injury to any highway, street or alley, sidewalk, fire hydrant or other property of the City which may be caused by or be incidental to the removal of any building over, along or across any street in the City and to indemnify the City against any claim of damages to persons or private property and to satisfy any claims by private individuals arising out of, caused by or incidental to the moving of any building over, along or across any street in the City.
(a) Bond in Lieu of Deposit. Any person filing an application hereunder may, in lieu of the general cash deposit required above, file with the Director of Public Safety a bond, approved as to form by the Director of Law, executed by a bonding or surety company authorized to do business in the State, in the amount of three hundred thousand dollars ($300,000), conditioned upon the assurance that this chapter and other applicable ordinances and laws will be complied with. Such bond shall be made in favor of the City for the use and benefit of any person or persons intended to be protected thereby and shall be conditioned on the payment for any damage to public or private property and the payment for any damages or losses resulting from any malfeasance, misfeasance, nonfeasance or negligence in connection with any of the activities or conditions upon which the permit applied for is granted.
(b) Insurance Policy in Lieu of Deposit. Any person filing an application hereunder may, in lieu of the general cash deposit required above, file with the Director of Public Safety a liability insurance policy, issued by an insurance company authorized to do business in the state, and approved as to form by the Director of Law, in the same amount and providing the same protection as would be required for a bond hereunder.