Before any street excavation permit is issued, the applicant shall deposit with the Finance Director an insurance policy, in a form to be approved by the Director of Law. The policy shall designate the City as the insured therein and shall save the City harmless from any and all claims from bodily injury within the limits of one hundred thousand dollars ($100,000) for each person and three hundred thousand dollars ($300,000) for each accident and for property damage claims in the amount of fifty thousand dollars ($50,000) 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.