The developer shall file with the Borough a general liability insurance policy at the same time as he files his performance guaranty covering all operations in the development, including contractual liability with limits of not less than $500,000 or bodily injury to each person and $1,000,000 liability on the aggregate, for each accident, and property liability of $100,000 for each accident and $300,000 aggregate property damage liability. The Borough Attorney shall approve the policy for form and execution. The policy shall be of the same term as the performance guaranty and shall be extended in conformance with any extension of the performance guaranty. The policy shall name the Borough of Bradley Beach and the Borough Engineer as an additional insured and provide that the Borough of Bradley Beach may nevertheless assert claims against the other insured.

Any developer commencing proceedings to develop land for himself or for another according to the provision of this chapter shall save and hold the Borough of Bradley Beach, the Borough Engineer and the public harmless from all losses and damages and from all claims for losses and damages that may result from or arise out of the action undertaken by the developer.