Before any excavation permit is issued, the applicant shall also deposit with the Building Commissioner an insurance policy, issued by a company authorized to write insurance in the State of Ohio, designating the City as the insured therein, by the terms of which the City is saved harmless from all claims for bodily injury within the limits of one hundred thousand dollars ($100,000) for each person and three hundred thousand dollars ($300,000) for each accident and for property damage claims in the amount of ten thousand dollars ($10,000) for each accident arising or growing out of the street excavation or removal of the surface of any sidewalk or excavation in any sidewalk or in the prosecution of the work for which the permit is obtained or in any manner arising or growing out of the work necessary or incident to the issuance of the permit or that may be occasioned by reason of any excavation or anything else done pursuant to the permit.