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.