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(A) Any person requesting to be licensed as a building and structure mover shall provide the city with a bond to be approved by the city’s Finance Officer in the sum of $10,000. Said bond shall be conditioned that the applicant of a license if granted will, in carrying on the business of moving buildings and structures in said city, conform to all requirements relating thereto, which are now, or may be hereafter established by the city; that he or she will promptly repair and make good to the satisfaction of the city any and all damage to any pavement, sidewalk, crosswalk, hydrant, street, alley, or other property done or caused by himself or herself, or his or her servants or employees, in moving any building or structure or in connection with the moving thereof; and that he or she will immediately indemnify and save harmless the city against any and all liability for damages, costs, or expenses, arising, or which arise, in favor of any person by reason of any negligence on his or her part or on account of his or her servants or employees in connection with the moving of any building or structure or the use of any public street or ground for that purpose.
(B) Any bond submitted to the city in compliance with this section shall be held by the city for the one-year effective period of the license or, in the case of a revocation of any license by the city, until the date of revocation. In addition to the required bond, any person desiring to be licensed as a building and structure mover shall be required to have a liability insurance policy with coverage of at least $1,000,000.