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 completion operations. The amount of
the insurance shall be prescribed by the Code Enforcement Officer
in accordance with the nature of the risk involved; provided, however,
that the liability insurance for bodily injury shall be in an amount
not less than $250,000 for each person and $500,000 for each accident
and for property damages in an amount not 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 and authorities
may file an annual certificate of insurance in lieu of individual
certificates for each permit.