Each applicant, upon the receipt of a permit, shall provide the municipality with an acceptable certificate of insurance indicating that he or she is insured against claims for damages for personal injury as well as against claims for property damage which may arise from or 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. Such 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 the insurance shall be prescribed by the Service Director in accordance with the nature of the risk involved. However, the liability insurance for bodily injury in effect shall not be less than one hundred thousand dollars ($100,000.00) for each person, and three hundred thousand dollars ($300,000.00) for each accident, and for property damages not less than fifty thousand dollars ($50,000.00), with an aggregate of one hundred thousand dollars ($100,000.00) for all accidents. A public utility company or municipal authority may be relieved of the obligation of submitting such a certificate if it submits satisfactory evidence that it is insured or has adequate provision for self insurance, in accordance with the requirements of this chapter. Public utilities and authorities may submit annually such evidence of insurance coverage in lieu of individual submissions for each permit.
(1974 Code, § 903.25)