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The required liability insurance policy will be in an amount not less than an amount to be set by the Clerk, taking into account the following factors:
(a) Size of project;
(b) Degree of danger; and
(c) Proximity of project to other public activity.
In no case shall the amount be less than five hundred thousand dollars ($500,000) for bodily injury and two hundred fifty thousand dollars ($250,000) for property damage.