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(A) (1) Before any license may be issued to any applicant, there shall be posted by the applicant a good and sufficient bond to be approved by the City Finance Officer in the sum of $10,000.
(2) The bond shall be conditioned that such applicant shall fulfill all obligations set forth within this chapter.
(3) Only one bond is necessary for any number of authorized excavations as long as the bond is in full force and effect.
(B) The applicant shall also furnish a certificate of insurance showing that the applicant has in force manufacturer’s and contractors liability insurance, including products and completed operations, compaction and damage to property insurance; in amounts not less than $100,000 for damages caused by injury to one person, not less than $300,000 for damage caused by injury to more than one person in one accident.