No first aid, rescue or ambulance squad required to be licensed under this article shall receive a license to operate within the Township of Teaneck without first executing an agreement with the Township that it will defend, indemnify and hold the Township harmless against liability for any and all claims for damage to property or injury to or death of persons arising out of or resulting from the operation of the first aid, rescue or ambulance squad within the Township of Teaneck. All first aid, rescue or ambulance squads required to be licensed under this article shall maintain a general liability insurance policy in the amount of $2,000,000, which shall name the Township of Teaneck as an additional named insured.