The applicant for an encroachment permit, as a condition to receiving an encroachment permit, shall sign a statement that he or she agrees to indemnify and hold harmless the city, and each officer and employee thereof, from any liability or responsibility for death or injury to persons and loss or damage to property happening or occurring as a result of the design or performance of any work undertaken under any encroachment permit granted pursuant to the application. The applicant shall be required to provide proof of liability insurance in the amount of at least one million dollars ($1,000,000.00) and shall name the city as an additional insured under the insurance policy. The insurance shall be provided by a company satisfactory to the city. Any deductible or self-insured retention under the insurance policy shall be in an amount acceptable to the city. (Ord. 264 § 1 (part), 2002)