If, at the time that an application for a permit under Section 1507.03 is made, or at any time thereafter, as the work of blasting progresses, the City Manager considers that a larger bond should be given for the protection of persons and property against damage or loss by reason of the amount, kind, and character of the dangers attending the blasting proposed to be done or being done, he may require the applicant for the permit or permittee to give bond in a sum not exceeding twenty thousand dollars ($20,000). The bond shall be conditioned upon the permittee paying any and all damages resulting to any person or property by reason of any fault or neglect upon the part of the permittee. The bond shall have a bonding company or two freeholders as sureties thereon. However, the sureties are approved by the City Commission. The bond shall be in force and effect until the work designated in the permit has been completed. In the event that any permittee shall, after a permit has been issued, neglect or refuse to give an additional bond when required to do so, the City Manager shall revoke the permit. The City Manager may, however, accept a policy of liability insurance in lieu of the bond required by this section. (1980 Code 95.07)