In the event that any application for a building permit provides for construction or other activity involving operation of equipment, personnel or placement of materials which may hazard a public street, way, easement or public property, prior to issuing such building permit, the applicant shall present evidence of liability insurance, naming the Village as the beneficiary and saving the Village harmless, in an amount to be determined by resolution by the Village Board of Trustees and in a form acceptable to the Village Attorney. The amount shall be determined based upon the recommendation of the Building Inspector and Village Engineer and dependent on the degree to which the proposed activity may create a hazard. Additionally, property damage insurance or other surety acceptable to the Village Attorney may be required where such construction or activity may damage public property, including sidewalks, paving, signs or landscaping. In reviewing any application hereunder, the Building Inspector shall determine whether such hazard may exist by virtue of the nature of the activity described in such application. Where, after a building permit has been issued without such liability insurance, it shall appear that such hazards are present, the Building Inspector may, on due notice given, require such insurance and may suspend such activity pending receipt of the required liability policy.