In each case where a bond or policy of insurance is required of any person as a condition precedent to the granting of any permit under this subchapter, the bond shall be in the sum determined by resolution of the Commission, except that the amounts of the bonds or policies of insurance shall be required pursuant to a uniform schedule. All bonds or policies of insurance shall be conditioned to pay all damages to the streets of the city or to hold the city harmless of all other damage of any nature, whether to persons or property, for which the city may be held liable by reason of, or which is occasioned by, the doing of a thing or the exercise of a privilege for which the permit upon which the bond or policy of insurance was based, was granted.
(Prior Code, § 30-35)