No permit shall be issued unless the applicant files with the Mayor a certificate or certificates of insurance indicating that there is in effect public liability insurance covering any damages arising out of the use and operation of any and all devices and facilities operated in connection with such carnival or circus. Such insurance shall be in the minimum amount of Five Hundred Thousand Dollars ($500,000.00) for each person, and One Million Dollars ($1,000,000.00) for each occurrence. Said Policy shall also contain a provision specifically holding the City of Greenwood harmless from any liability resulting from such carnival or circus. Workers Compensation Coverage which complies with the requirements of the several statutes of the State of Indiana as further addressed in I. C., 22-3 et seq., shall be in full force and effect during the duration of such carnival or circus