(A) Each applicant applying for a permit shall also file a bond with suitable sureties conditioned that he or she will suitably guard or protect any excavation or obstruction maintained or created by him or her, and will indemnify the village for any loss or damage resulting from injury to any person or property caused by the excavation or obstruction.
(B) In lieu of the bond, the applicant may file a public liability insurance policy of an acceptable company of the type known as owner’s or contractor’s protective liability insurance with coverages of $500,000 and $1,000,000 for personal injuries, and $500,000 for property damage wherein the village as owner is the named insured.
(1986 Code, § 7-1A-4)