Whenever a bond or policy of insurance is called for as a condition precedent to the granting of any permit required by this Building and Housing Code, when not otherwise expressly provided, such bond or policy of insurance shall be in the sum of five hundred thousand dollars ($500,000) or such larger sum as the Superintendent of the Building Department shall specify as commensurate with the risk to the permit applicant and the City arising out of any injury to or death of members of the public or any property damage caused to any member of the public or the City, which injury or damage might be suffered through the negligent or wanton exercise of the privilege granted under such permit. If a bond is furnished, it shall be conditioned to save harmless the City from any loss whatsoever resulting from the doing of the thing or the exercise of the privilege for which the permit is required. If a policy of insurance is furnished, it shall insure the permit applicant and the City against any loss resulting from the personal injury, death or property damage, which loss is caused by the doing of the thing or the exercise of the privilege for which the permit is required.