If the person, firm, or corporation seeking the permit owns real estate in the town which has an assessed tax valuation of $5,000 or more, as shown by the office of the County Treasurer, the person, firm, or corporation in lieu of filing a bond as provided in § 151.04, may file a general indemnity agreement to indemnify the town for any loss, liability, or damage that may result because of the making, existence, or manner of guarding of any tunneling or excavation.
(1993 Code, Title V, Art. 1, § 6)