(A) The applicant for a license required by this division shall post with the Clerk a penal bond in the sum of $20,000, with good and sufficient sureties approved by the City Attorney. The bond shall guarantee the applicant’s payment for any damage done to the city or to public property in the course of moving the building or similar structure.
(B) The applicant for a license required by this division shall be insured in the sum of $500,000 against bodily injury and $500,000 property damage for his or her agent’s or his or her employees’ acts in the course of the moving operations that result in personal injury, and for $250,000 property damage liability and further naming the city and its officers and employees as additional insureds on said insurance policy.
(C) The applicant shall carry workers’ compensation insurance as required by law.