Before any permit is issued, the applicant shall deposit with the Director of Finance and Director of Public Service an insurance policy, issued by a company authorized to write insurance in the State, designating the City as the insured so that the City is saved harmless from any and all claims for bodily injury within the limits of five hundred thousand dollars ($500,000) for each person and five hundred thousand dollars ($500,000) for each accident and for property damage claims in the amount of two hundred thousand dollars ($200,000) for each accident arising or growing out of the street excavation or removal of the surface of any sidewalk or excavation in any sidewalk, or the prosecution of the work for which the permit is obtained, or in any manner arising or growing out of the work necessary or incident to the issuance of the permit or that may be occasioned by reason of any excavation or anything else done pursuant to the permit.