No trenching contractor’s license or excavation permit shall be issued until the contractor has filed with the City Finance Officer the following:
   (A)   A surety bond in the sum of $1,000 for faithful performance of all duties required by the city and for repayment to the city for all damages done growing out of the carelessness or negligence of the contractor; and
   (B)   A certificate of insurance showing that the applicant has in effect a statutory worker’s compensation insurance policy including employer’s liability coverage in the amount of $100,000 and a liability policy covering business operations including coverage for explosion, collapse and underground, commonly referred to as XCU coverage, and including coverage for owned and non-owned vehicles with limits of not less than $300,000 bodily injury for any one individual, and $300,000 for injury or destruction of the property of others. Such certificate shall contain a statement to the effect that the policy cannot be canceled or substantially altered without ten days’ prior written notice to the city; provided, however, the City Council, may waive or modify said worker’s compensation insurance requirement under such circumstances and conditions as the Council may deem appropriate.
(Prior Code, § 22-31)