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Where this Business Regulation Code requires that the applicant for any license or permit furnish a bond, such bond shall be furnished in an amount deemed adequate by the proper City officer, or, where the amount thereof is specified elsewhere in this Business Regulation Code, in the amount so required. The form of such bond shall be acceptable to the City Attorney. In lieu of a bond, an applicant for a license or permit may furnish one or more policies of insurance in the same amounts and providing the same protection as called for in any such bond. Any 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.
(1975 Code § 7.12)