Each applicant, upon the receipt of a permit, shall provide
the municipality with an acceptable certificate of insurance indicating
that he is insured against claims for damages for personal injury
as well as against claims for property damage which may arise from
or out of the performance of the work, whether such performance be
by himself, his subcontractor, or anyone directly or indirectly employed
by him. 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. The amount of
the insurance shall be prescribed by the Manager in accordance with
the nature of the risk involved; provided, however, that the liability
insurance for bodily injury shall be in an amount no less than $250,000
for each person and $500,000 for each accident and for property damages
an amount no less than $100,000, with an aggregate of $300,000 for
all accidents. Public utility companies and authorities may be relieved
of the obligation of submitting such a certificate if they submit
satisfactory evidence that they are insured in accordance with the
requirements of this chapter or have adequate provision for self-insurance.
Public utility companies may file an annual certificate of insurance
in lieu of individual certificates for each permit.