The applicant shall provide the City of Sebastopol with sufficient evidence of public liability insurance in the amount of $100,000 for one occurrence and $300,000 for more than one occurrence, which said insurance shall protect the City from liability by reason of the acts of applicant and shall hold the City harmless against any and all claims, by reason of the acts of applicant. In addition, applicant shall provide insurance in the amount of $10,000 for any property damage to third persons of the City of Sebastopol.