Every owner and operator of any excavation shall be insured against liability arising from any activities or operations incidental to excavation carried on or conducted pursuant to any permit or approval given for such excavation by the city, in the following amounts:
(A) Public liability insurance for any one person not less than $100,000.
(B) Public liability insurance for any one accident not less than $300,000.
(C) Property damage insurance not less than $50,000.
('72 Code, § 10-92) (Ord. O-72-19, passed 2-2-72) Penalty, see § 151.999