A permit shall not be issued until a certificate of insurance shall have been filed with and approved by the Borough Clerk, said certificate covering workmen's compensation, comprehensive public liability in the limits of $50,000 for injuries to one person in each occurrence and $100,000 for injuries to more than one person in each occurrence and property damage in the amount of $25,000 in each occurrence and $50,000 aggregate. Such insurance shall save the Borough harmless and indemnify the Borough from and against any and all claims, suits, actions, costs, counsel fees, expenses, damages, judgments and/or decrees arising from injury to or death of persons or damage to or destruction of property occasioned, in whole or in part, as the result of the work performed or omitted to be performed by the applicant or his contractors, subcontractors, employees or agents in connection with the installation, erection and maintenance of signs in accordance with this chapter by reason of faulty erection, demolition, repairs, removal or defects in or collapse of any sign. The certificate shall also state that the policy shall not be canceled or in any manner amended without giving the Borough Clerk five days' written notice thereof.