Any person doing his own excavation and reconstruction work pursuant to this subchapter and having property within the city assessed for taxes at a sum in excess of $100,000 may, at his option, in lieu of obtaining liability insurance pursuant to § 91.50 covering accidental injuries and damages arising out of his own excavation and reconstruction work, enter into an agreement with the City Council, satisfactory in form to Council, agreeing to indemnify and save harmless the city from any loss, damage, or expense to the person or property of anyone, including the city, its agents, servants, or employees, occasioned by or growing out of any excavation or reconstruction work performed by and as a result of the negligence of such person, under the terms of this subchapter; to defend any and all actions instituted against the city on account of accidental injuries to persons or damage to their property arising out of such excavation and reconstruction work; and to pay all court costs, attorney fees, and other litigation expense which the city may be required to incur in such suit or suits. Whenever the city undertakes the performance of the replacement or reconstruction work for any person who has entered into such an agreement, the city shall obtain and keep in force, until such reconstruction work has been completed, a liability policy in the amount specified in § 91.50, indemnifying it against any loss or liability arising from or which may be imposed by law upon it by reason of the excavation and reconstruction work, and the premium for such policy shall be deemed to be a part of the costs of the work and paid to the city by such person.
('77 Code, § 12-24)