A policy of indemnity insurance in the amount of $500,000/$1,000,000 personal liability and $25,000 property damage protecting the City against any claims for damage to person or property resulting from or by reason of the construction of the above mentioned improvements shall be furnished to the City and maintained in force by the subdivider. The insurance policy shall remain in full force and effect until all improvements are completed and maintained to the satisfaction of the City Council.
(1969 Code 152.075)