Every person, firm or corporation shall annually before engaging in the business of wrecking, demolishing or razing of buildings or other structures obtain a license thereof from the zoning enforcement person and no such license shall be granted or issued until the party applying thereof shall have given bond to the City of Platte City in the sum of five thousand dollars ($5,000.00) with good and sufficient sureties to be approved by the City Attorney or Acting City Attorney, conditioned among other things that said person, firm or corporation will pay any and all damages which may be caused to any property, public or private, within the City of Platte City and any and all claims for personal injury or death of, when such injure to or death of or damage is caused or inflicted by such person, firm or corporation or their agents, servants, employees, contractors or subcontractors and such bond shall be further conditioned that the City of Platte City shall be saved harmless from all cost, loss or expense arising out of the carrying on of such business and that the person, firm or corporation shall comply with the terms and provisions of this Section. In lieu of such bond, the zoning enforcement person may accept a certificate of insurance with approved coverage. Upon the giving of such bond or furnishing of such certificate of insurance coverage and the approval of the form and amount thereof by the City Treasurer and the City Attorney or Acting City Attorney and the payment of the fee as hereinafter provided, such license shall be issued to the applicant thereof.