Every applicant for such a permit shall file together with the application a bond in the sum of $5000, with sureties to be approved by the Board of Trustees, and payable to the village to save and keep harmless and indemnify the village for any loss it may incur by reason of any act or acts or omissions to act, or failure to perform properly any work done by virtue of any permit issued hereunder. Also a record of the policy number and name of the worker's compensation insurance company shall be reported to the village.
('79 Code, § 1507(3))