Each application shall be accompanied by a certificate of insurance in form approved by the Village Counsel and issued by an insurance company authorized to do business in this state, running to the village, guaranteeing that the applicant has provided public liability coverage of not less than $100,000/$300,000, and property damage insurance in the amount of not less than $50,000/$100,000, to save the village harmless from all claims, actions and proceedings brought by any person for injury to person or property resulting from or occasioned by any default by the person to whom the permit is issued or anyone acting thereunder on his behalf. The policy shall also protect the village, in the sum of $5,000 against any damages caused to any street or other public property by reason of such house moving. In addition, every applicant shall post a ninety-day completion bond, assuring the re-erection, modification, alteration or other work to be done upon the building in conformity with the plans approved by the Building Inspector.