In lieu of the policy or policies of insurance herein provided for, the applicant may furnish a bond executed by a surety company authorized to do business in the State, approved as to sufficiency by the Mayor and as to form by the Law Director, holding and binding the principal and sureties to the same liability and subject to the same conditions as in the case of policies of insurance provided for herein. It shall further be permissible for the applicant to furnish insurance as to damages for personal injuries, including death, and an indemnity bond or bonds as to the property damages, or vice versa.