In addition to making the deposit provided for in section 14-55, each person applying for a permit under this division shall file a certificate of insurance indicating that he 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, his subcontractor, or anyone directly or indirectly employed by him. 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 city engineer in accordance with the nature of the risk involved; provided, that the minimum liability insurance shall be set from time to time by order of the board of commissioners.
(Code 1977, § 11.510(7))