Unless otherwise provided, a bond in the sum of $10,000 shall be filed with the Office of Finance for each oil well for which a permit is required; provided, however, that the applicant, in lieu of filing individual bonds for each such well, may file a blanket bond in the sum of $50,000 covering all oil wells for which a permit is required:
1. Where the $50,000 blanket bond is filed, each additional oil well not described in said bond shall be covered hereunder by a rider, submitted in duplicate and attached thereto, specifically describing such additional property as the bond is to cover, said rider to be executed by the principal and surety in the same manner as the bond is executed and shall be approved by the City Attorney as to form and content;
2. The total aggregate liability under the blanket bond shall be limited to the sum of $50,000; provided, however, that the maximum liability for any one oil well shall not exceed the sum of $10,000.