Whenever a well is to be drilled or serviced closer than 150 feet to a residential structure, or to private open space contiguous to a residential structure, or closer than the setback requirements of this title, and the well drilling and servicing equipment is or will be, in the opinion of the Agency, subject to toppling or endangering life and limb, the operator shall file with the City Clerk an insurance policy of not less than $2,000,000 coverage, subject to the approval as to form by the City Attorney indemnifying and securing the city, its agents, employees, officers and Council members against all claims or causes of action for any injury or loss which may be suffered by any person or for any damage to any property resulting therefrom.
(`78 Code, § 14.12.080.)