No excavating permit shall be issued to the applicant until such applicant has filed with the City Clerk a certificate of public liability insurance coverage, in the sum of one million dollars ($1,000,000.00), to indemnify the City for any claim, loss, liability or damage that may result or accrue from or be caused by the making, existence or manner of guarding or constructing any such tunnel or excavation.
(1987 Code § 21-35)