Before any license is issued to a person, firm or corporation authorizing the making of connections to a public sewer in the City, the applicant for the license shall deposit with the Director of Finance an insurance policy issued by a company authorized to write insurance in the State, designating the City as the insured. The terms of the policy shall save the City harmless from any claims for bodily injury or wrongful death 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 each accident in the amount of two hundred thousand dollars ($200,000), which claims may arise out of, or be connected with the practicing of the work for which a permit is issued, to connect to a public sewer of the City, or which accident may be occasioned or anything else done pursuant to, the warning or guarding of the public as to such excavation. The liability of the insurance policy shall continue until resurfacing or repaving has been completed and accepted by the Director of Public Service.