In connection with an application for a permit, each person shall deposit or show evidence of a public liability insurance policy, insuring the city against any loss or damage to persons or property resulting from the work being done, the policy to have minimum limits of $100,000 for injury or death to any one person, and $300,000 for any one accident, and $25,000 for property damage. The Director of Service, with the approval of the City Manager, may waive this requirement for an insurance policy where the applicant is a public utility operating under the supervision of the Public Utilities Commission of Ohio or is a public utility holding a franchise from the city.