Where the provisions of this Code require that the applicant for any license or permit furnish a financial assurance, such financial assurance shall be furnished in an amount deemed adequate by the proper City officer, or, whether the amount thereof is specified in this Code or by resolution of City Council, in the amount so required. The form of such financial assurance shall be acceptable to the City Attorney. In lieu of a financial assurance, an applicant for a license or permit may furnish one or more policies of insurance in the same amounts providing the same protection as called for in any such financial assurance; and such policies of insurance shall be approved as to substance by the City official issuing said license or permit and as to form by the City Attorney.