Each applicant, prior to receipt of a permit, shall provide the Township with an acceptable certificate of insurance indicating that the applicant is insured against claims for damages for personal injury as well as claims for property damage which may arise from or out of the performance of the work, whether such performance by the applicant, his subcontractor or anyone directly or indirectly employed by the applicant. Such insurance shall cover collapse, explosive hazards and underground work by equipment on the street and shall include protection against liability arising from completed operations for a period of time to be determined by the Township Council. The amount of the insurance shall be $1,000,000 single limit. Public utilities and authorities may be relieved of the obligation of submitting such certificates if they are insured in accordance with the requirements of this chapter.