If the bond or insurance required is inadequate with respect to any damages occurring to the city or claim against the city or its personnel, the applicant shall indemnify and save harmless the city and its personnel for the amount by which the insurance or bond is inadequate. In addition, the owner and the person causing the installation to be made shall both be equally liable with the applicant for indemnifying and saving harmless the city. (1982 Code § 3.166)