No permit shall be issued until the applicant has furnished the Director with satisfactory proof of insurance against injury to persons and damage to property caused by any act or omission of the applicant, his agents, employees or subcontractors in the course of the work to be performed under the permit. The insurance shall cover all hazards likely to arise in connection with the work, including but not limited to collapse and explosion, and shall also insure against liability arising from completed operations. The limits of the policy of insurance shall be $100,000 for injury to any one person, $300,000 for injuries to more than one person in the same accident, and an aggregate of $100,000 for property damage for a single incident. The Director may waive the requirements of this section in the case of public utilities upon the presentation of satisfactory proof that it is capable of meeting claims against it up to the amount of the limits of the insurance policy which would otherwise be required.