In lieu of the policy of insurance the applicant may furnish a bond executed by a surety company authorized to do business in the State, or by two personal sureties, approved as to sufficiency by the City Manager and as to legality by the Director of Law, holding and binding the principal and sureties to the same liability and subject to the same conditions as in the case of policies of insurance provided for in Sections 769.08 and 769.09. The applicant may furnish insurance for personal injuries, including death, and an indemnity bond for property damages or vice versa. The bond shall be renewed annually to the satisfaction of the City Manager.