There shall also be filed, with the Director of Public Service, a bond in the amount of five thousand dollars ($5,000) before the moving of such building by the permittee. The conditions of such bond shall be that the owner of such building and the person actually carrying out the work of moving the building shall comply with all the general laws of Ohio and with the City ordinances in the moving of such building. In addition, a public liability and property damage insurance policy, issued by a solvent insurance company providing that the City shall be indemnified by reason of any losses sustained by reason of the liability imposed by law upon the City on account of such moving operations in the amount of one million dollars ($1,000,000) shall be deposited with the Director of Public Service.