Whenever any of the provisions of Articles 751 and 755 require the applicant for a license certificate to post a bond, such bond shall be filed with the Recorder. Such bond shall be in the amount deemed sufficient by the officer whose certification is required, or the Recorder, as the case may be. Such bond shall be payable to the Municipality, for the use and benefit of persons intended to be protected thereby, and, unless otherwise provided, shall be conditioned on the payment of any damage to public or private property, and from any malfeasance, misfeasance, or nonfeasances or negligence in connection with any of the activities or conditions for which the license applied for is granted. In lieu of such bond an applicant may furnish one or more policies of insurance in the same amount and providing the same protection and such bonds and insurance policies shall be approved as to substance by the officer whose certification is required, or by the Recorder, as the case may be. The Recorder or other proper officer concerned may require corporate sureties on such bonds.
(1978 Code Sec. 8-3)