The applicant shall provide with his, her or its application proof of insurance. Insurance must be to the extent of one million dollars ($1,000,000) per person for general liability and personal injury with an aggregate per incident limit of three million dollars ($3,000,000), and one million dollars ($1,000,000) for property damage to any one person with an aggregate per incident limit of three million dollars ($3,000,000). Such insurance policies shall insure the Village and any person suffering any personal injury or property damage as a result of the drilling or operation of the well. Such policies shall be in full force and effect prior to issuance of a permit and shall continue in effect until the well is plugged or abandoned as hereinafter provided. Current proof of insurance coverage shall always be provided to the Village. Further, the applicant, by submitting an application for a permit under this chapter, shall be considered to agree to hold the Village harmless from any loss, claim demand or cause of action, including reasonable attorney's fees and costs of suit and to indemnify the Village for the same, in the event the same is brought against the Village as a result of any activity engaged in by the applicant or his, her or its contractors in the furtherance of the drilling, operation or abandonment of the gas or oil well in the Village. The Building Department shall retain a file on all insurance policies. The responsible party shall be notified if a policy is not current or in effect.