(A) Where the provisions of this code require that the applicant for any license or permit furnish a bond, the bond shall be furnished in an amount deemed adequate by the proper village officer, or, where the amount thereof is specified in the schedule of fees and bonds set out in §§ 113.35 et seq. or elsewhere in this code, in the amount so required.
(B) In lieu of a bond, an applicant for a license or permit may furnish 1 or more policies of insurance in the same amounts and providing the same protection as called for in any such bond; and the policies of insurance shall be approved as to substance by the official issuing the license or permit.
(1984 Code, § 6.9)