A. Letter of Credit:
1. The City Council shall require the applicant, owner or user of the property on which the pit or excavation is located to execute and file with the City Clerk a letter of credit.
2. Such letter of credit shall have sufficient surety running to the City, conditioned to pay the City the extraordinary cost and expense of repairing, from time to time, any highways, streets or other public ways where such repair work is made necessary by the special burden resulting from hauling and travel in removing material from any pit or excavation and conditioned further to comply with all the requirements of this Chapter and the particular permit.
B. Insurance: The operator or lessor of the land involved shall secure and maintain such insurance in amounts which shall not be less than the following:
1. Worker’s compensation and employer’s liability, which shall be secured and maintained as required by the State.
2. Public liability, personal injury and property damage:
a. Injury or death of one (1) person: two hundred fifty thousand dollars ($250,000.00).
b. Injury to more than one (1) person in a single accident: five hundred thousand dollars ($500,000.00).
c. Property damage: two hundred thousand dollars ($200,000.00).
3. Automobile and truck public liability, personal injury and property damage, including owned and nonowned vehicles:
a. Injury or death of one (1) person: two hundred fifty thousand dollars ($250,000.00).
b. Injury to more than one (1) person in a single accident: five hundred thousand dollars ($500,000.00).
c. Property damage: one hundred thousand dollars ($100,000.00).
d. Insurance for other hazards: The gravel contractor is responsible for any damage as a result of the work, operations, acts, omissions, neglect, equipment failure or other causes arising out of their contract, including such damage as may be caused by or result from water. Insurance for hazards other than protected by insurance herein specified is at the contractor’s option.