The applicant for a permit hereunder shall, before the issuance of said permit by the Town Clerk, file with the Town Clerk a bond, if required, in an amount and with sureties and in a form approved by the Town Board, conditioned on compliance with the provisions of this chapter and with the conditions, if any, imposed in the resolution directing the issuance of the permit, and a certificate that the applicant has public liability insurance against any liability which may arise from the removal or deposition of material pursuant to such permit and covering any and all damage which may occur within three years after the completion of the operations under such permits, in an amount of $500,000 for all accidents resulting in bodily injury or death and for property damage in an amount not less than $100,000 for all accidents. The applicant shall also submit to the Town Clerk an indemnification agreement in which the applicant shall agree to assume the defense of and indemnify and save harmless the Town and its officers and employees from any and all claims arising out of or connected with the operations under such permit and from all acts, omissions or negligence on the part of the applicant, his agents or employees.