The person(s), organization(s) or association(s) to whom the permit is issued shall be liable for all losses, damages or injuries sustained by any person, whether a participant or spectator at the block party or recreational event, whether or not said losses, damages or injuries arise by reason of the negligence of the person(s), or organization(s) to whom such permit shall have been issued. The Borough Administrator and Chief of Police shall require the applicant(s) to enter into a hold harmless agreement, which shall provide that the applicant(s) agrees to save and hold the Borough of Palmyra harmless for any and all obligations and liabilities which may arise from the temporary street closing which represents the subject matter of the application. The applicant(s) shall further agree, as part of these provisions, to hold harmless the Borough of Palmyra and to defend at his/her own cost and expense any claims or lawsuits instituted by third parties as a result of the event. The Borough Administrator and Chief of Police shall further have the option to require that, prior to the issuance of a permit or commencement of the temporary street closing, the applicant(s) submit evidence of liability insurance in a minimum amount of $1,000 to cover damages to property and injuries to members of the general public arising out of the temporary street closing in such amounts as may be determined by the Borough Administrator and Chief of Police.