It shall be unlawful to construct or maintain any such driveway for the habitual or continual use of vehicles belonging to any person other than the owner or occupant of the premises abutting on such driveway or to which it leads, or for any commercial use, unless a bond or indemnity policy in the penal sum of ten thousand dollars ($10,000.00) is first filed by the person so constructing or maintaining the driveway. Such bond shall be conditioned to indemnify the Village for any loss, damage or liability suffered or incurred by reason of the existence, construction or use of such driveway, and shall have as surety a corporation licensed and authorized to do business in the State of Illinois as a surety company. (1966 Code, §8.207)