Before a permit is issued, the permit applicant shall supply a certificate of insurance, a general liability insurance policy, or a surety bond, issued by a company authorized to do business in Illinois. The limits for any such insurance shall be not less than one million dollars ($1,000,000.00) for injury to each person, and one million dollars ($1,000,000.00) for injury to all persons in each accident, and fifty thousand dollars ($50,000.00) for property damage claims. Further, such certificate or policy shall name the city as an additional insured and shall covenant to defend and indemnify the city against all claims arising from the excavation(s) or other work to be performed by or for the permit holder. Alternately, a surety bond shall covenant that the permit holder or surety will indemnify the city for any defense costs and for damages recovered from the city arising from the excavation(s) or other work to be performed by or for the permit holder. (Ord. 298, 4-25-1995)