By the making of an application for a permit, the permittee agrees to save harmless the Borough of Wharton, its officers, agents and servants from and against any loss, injury or damage resulting from any negligence or fault of the permittee in the case of work covered by the permit. The permittee shall file with the Borough Clerk a certificate of insurance in the amount of $100,000/$1,000,000 bodily injury and $25,000 property damage, to be determined by the Borough Attorney in accordance with the practice of the trade, naming the Borough of Wharton as the named insured, which coverage shall run for the benefit of the Borough's officers, agents and servants.