In addition to making the deposit or giving the bond required to insure that proper restoration is made, each person applying for an excavation permit shall file a certificate of insurance indicating that he or she is insured against claims for property damage as well as claims for personal injury which may arise out of the performance of the work, whether such performance be by himself or herself, his or her subcontractor or anyone directly or indirectly employed by him or her. The insurance shall cover collapse, explosive hazards and underground work by equipment on the street and shall include protection against liability arising from completed operations. The amount of insurance shall be prescribed by the Town Clerk in accordance with the nature of the risk involved; provided, however, that the liability insurance for bodily injury shall not be less than $100,000 for each person and $300,000 for each accident and for property damages not less than $25,000 for any one accident and a $75,000 aggregate.
(`83 Code, § 12-107)