Before any permit required by this chapter is issued, there shall be placed on file in the office of the Building Inspector a certificate of insurance evidencing the existence of insurance deemed adequate by the City to cover the risk presented by the work being undertaken in the right-of-way. The amount and type of insurance to be required in each instance shall be reasonably determined by the Building Inspector by reference to a schedule of insurance coverage required for permitted activities, which shall be developed and periodically updated and approved by the City Council by resolution. The insurance certificate maintained and filed by a registrant pursuant to Section 141.05(3) of this chapter shall be deemed to satisfy this requirement unless the permitted work would materially change the City’s risk. The insurance shall include the City as an additional insured and shall be issued by an insurance company licensed to do business in the State. When the applicant is required by the terms of the permit and this chapter to fill and restore the excavation or trench, the insurance shall remain in effect until the maintenance period provided for in this chapter has expired. It shall provide that the insurance during such period may not be canceled or terminated except after the Building Inspector has received 30 days’ written notice of the cancellation or termination or until the work under the permit has been completed.