No person may be issued a permit without furnishing the city a certificate of public liability insurance with policy limits at least as high as required of public bodies under the New Mexico tort claims act or successor legislation and a coverage term at least one year following the completion of any excavation. The certificate shall show no exclusions for collapse, explosion and underground hazards and provide for no cancellation or alteration without ten (10) days' actual written notice to the city. Public utility companies with a net worth in excess of ten million dollars ($10,000,000.00) may act as self-insurers. Any person, by applying for a permit, agrees to save, defend and hold harmless the city for any claim or obligation arising from his use of the permit or any act or omission in his use of a public way, except those arising from actions or tortious conduct of the city. (Ord. C66-193, 3-9-1982)