(A) The Town Board of Trustees may insure municipal property, as authorized by Oklahoma Statutes. Any money received as a result of destruction, damages or loss of such insured property shall be accounted for and used as provided by the statutes.
(B) The Town Board of Trustees may purchase insurance to pay damages to persons sustaining injuries or damages to property as a result of negligent operation of motor vehicles or motorized equipment of the Town of Granite, Oklahoma.
(C) The Town Board of Trustees is directed to procure and maintain liability insurance as follows:
(1) Comprehensive general liability, including bodily injury and property damage for all functions, facilities and services of the municipality, $1,000,000 per occurrence;
(2) Errors and omissions (public official liability for wrongful acts), $1,000,000;
(3) Personal injury and police professional liability (including assault and battery), civil rights and other risks, $1,000,000.
(`85 Code, § 1-52)