Any person obtaining a permit to open or excavate in any street, sidewalk, grassplot, alley, or other public way, whether the work is to be done by that person or the city, shall obtain and file with the City Council, and continue to keep in force until the excavation and reconstruction work has been completed, a liability insurance policy conditioned for the benefit of persons suffering injury, loss, or damage to their person or property resulting from any negligence in connection with the excavation and reconstruction work, or as a result of the negligence of the person or of the city, their agents, servants, or employees, and which policy shall also protect the city against any liability which may be imposed by law upon it by reason of such excavation and reconstruction work. The liability policy shall be in a sum of not less than $10,000 for the injury or death of any person, and not less than $20,000 for the death or injury of all persons affected by any one accident, and not less than $1,000 for the benefit of persons who may suffer property damage in any one accident resulting from the negligent excavation and reconstruction work. Such policy shall, as to the form thereof and the solvency of the insurance company, be subject to the approval of the City Treasurer.
('77 Code, § 12-23) Penalty, see § 91.99