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(A) A contractor of a public works improvement as described in § 51.01 shall carry:
(1) Worker's Compensation insurance as required by state law;
(2) Property damage insurance of $50,000 per occurrence; and
(3) Personal injury insurance to life or limb of $300,00 per person and $1,000,000 per occurrence.
(B) The contractor shall keep such insurance in full force and effect during the construction of any public works improvement.
('79 Code, § 1002(20a))