(A) The Town Clerk may require as a condition precedent or subsequent to issuance of the permit that the applicant obtain a comprehensive general liability insurance policy or comparable special events liability business in this state with coverage that includes the entire area of the event. If a policy is required, the town shall be named as an additional insured on the policy.
(B) The policy limits of the insurance shall be not less than:
(1) Property damage: $50,000 for each occurrence; and
(2) Bodily injury or death:
(a) $100,000 for each person; and
(b) $300,000 for each occurrence.