(A) Bond.
(1) Perform excavation-related work in accordance with the applicable code provisions;
(2) Indemnify the city and hold it harmless from all damage caused in the execution of the work; and
(3) Pay all costs and damages suffered by the city because the excavator failed to observe the applicable code provisions or because the work was negligently executed.
(B) Liability insurance.
(1) Before beginning the construction work authorized by the permit, a contractor, if involved, shall secure and maintain an insurance policy against property damages or injury or death to persons.
(2) The policy shall indemnify and hold harmless the city and its personnel against any claim, damages or cause of action arising out of the work and from any expenses of defending the same.
(3) The property damage coverage shall be in the amount of at least $50,000 and the public liability damage for injury or death to persons shall be in the amount of at least $300,000 per claimant and $600,000 for any number of claims per occurrence. There shall be $1,000,000 liability insurance required.
(4) Proof of the insurance shall be filed with the city prior to construction work and the policy shall provide that the city be notified immediately of any insurance modification or termination.
(5) If the insurance coverage is inadequate in amount, the contractor shall indemnify and hold harmless the city and its personnel in like manner.
(1987 Code, § 305.03)