Every applicant for a license hereunder shall accompany the application with a bond approved as to form by the city attorney, executed by a bonding company or surety company authorized to do business in the State of Nebraska, in the sum of ten thousand dollars, conditioned that the licensee shall save and keep the city free and harmless from any and all loss or damages arising from or out of the use of said license, and upon the payment by the licensee of any and all liabilities, judgments, costs and expenses for injuries to persons or damages to property arising out of the operation or maintenance of such motor powered snow removal or sidewalk cleaning equipment. The foregoing condition shall include payment to the city as necessary to restore the sidewalk to such condition as will meet with the approval of the public works director if by operation of the equipment there is damage to said sidewalk. A liability insurance policy issued by an insurance company authorized to do business in the State of Nebraska, conforming with the requirements of this section, may be submitted in lieu of a bond or insurance policy if submitted in lieu of a bond or insurance policy if submitted in lieu thereof.
In addition to the bond, every applicant for such license shall also file with the application required, a public liability insurance policy which such applicant has taken out and agrees to maintain in full force and effect at all times covered by such license, at its expense, which insurance shall include the City of Grand Island as a named insured with personal injury coverage in a sum of at least one hundred thousand dollars for the injury or death of any one person, three hundred thousand dollars for the injury or death of any number of persons in any one accident, and with a coverage in a sum of at least fifty thousand dollars for property damage in any one accident. The policy of insurance shall further provide that it cannot be canceled until ten days' written notice of such cancellation shall have been filed with the city clerk.