No permit shall be issued pursuant to the provisions of this Chapter unless the applicant, except in the case of public utilities, shall have first procured public liability insurance issued by an insurance company or companies approved by the President and Board of Trustees of the Village in an amount not less than one hundred thousand dollars ($100,000.00) for injuries, including accidental death, to any one person and subject to the same limit for each person in an amount not less than three hundred thousand dollars ($300,000.00) on account of one accident and property damage in an amount not less than fifty thousand dollars ($50,000.00), and workman's compensation insurance in the statutory limits of liability. Certificates evidencing said insurance coverage shall be filed with the Village Engineering Department prior to the issuance of a permit.