No license shall be issued for conducting an exhibition or carnival until the applicant therefor has placed on file with the village clerk a certificate or certificates of insurance indicating that there is in effect public liability insurance covering any damages arising out of the use and operation of any and all devices and facilities operated in connection with such carnival or exhibition. Such insurance shall be in the minimum amount of one hundred thousand dollars ($100,000.00) for each person, and three hundred thousand dollars ($300,000.00) for each accident. (1976 Code)