The developer agrees to indemnify and save harmless the City against and from any and all loss, cost, damage, liability and expense on account of damage to property of, or injury to, or death of the parties hereto or third person, caused by, growing out of, or in any way whatsoever attributable to the construction of said improvements and the use of any street delineated on the subdivision plat during construction. The developer further agrees, but without limiting its liability to indemnify the City, to carry liability insurance contracts in the sum of $100,000 to $200,000 for injury to or death of persons, and in the sum of $5,000 for damage to or destruction of property, which insurance contracts shall include the City as a named insured. The developer agrees to maintain on file with the City during the period of said construction, certificates or memoranda of insurance evidencing that said insurance contracts are in force.