The Superintendent of Public Works is authorized to grant a permit to any person of good moral character to engage in the business of snow removal by the operation of a motor-driven vehicle meeting the requirements of this chapter upon payment of twenty-five dollars ($25.00) as an annual permit fee, together with such inspection fee as established by Section 874.03 for each piece of equipment so operated by the permittee. In addition, the applicant shall deposit a policy of insurance, to be approved by the City Attorney, naming the permittee and the City as co-insureds and providing property damage coverage in the amount of fifty thousand dollars ($50,000), and public liability coverage for injury to or death of one person in the amount of fifty thousand dollars ($50,000), and for injuries to or death of more than one person in the amount of one hundred thousand dollars ($100,000), for claims arising out of the operation of such snow removal equipment.