The City may require an indemnity bond with good and sufficient sureties
in the amount of not less than $1,000,000 or policy of liability insurance
in the amount of not less than $1,000,000 for the payment of all claims
that may arise by reason of injuries (including death) or damages
of whatever kind to persons or property from the sale, handling, use
or discharge of fireworks under the permit. Such bond or policy of
insurance shall be obtained from a company or companies approved by
the City and in a form satisfactory to the City. The bond or insurance
policy shall be taken in the name of the City, and any person injured
or damaged thereby may bring an action on the bond or policy in the
person's own name to recover the damage the person has sustained.
The bond or policy, if required, together with a copy of the permit,
shall be filed in the office of the City Clerk. None of the provisions
of this section shall be construed to limit the liability of the permit
holder for injuries or damages.