No permit shall be issued until the applicant has filed with the Clerk-Treasurer either one of the following, in an amount deemed sufficient by the Town Superintendent, which shall be conditioned to indemnify the town for any loss, liability or damage that may result or accrue from, or because of the making, existence, manner of guarding or constructing any tunnel or excavation:
(A) A surety bond by a surety company licensed to do business in the state; or
(B) A certificate of insurance
(1984 Code, § 5-1-2) (Ord. 494, passed 2-17-1976)