(1) A performance bond and labor and materials bond must be furnished for the entire amount of the contract.

(2) For contracts under $5,000, comprehensive general liability insurance, including automobile liability insurance, with limits of not less than $50,000 bodily injury and $10,000 property damage or a combined single limit of $50,000 per occurrence is required.

(3) For contracts over $5,000 and under $10,000, comprehensive general liability insurance, including automobile liability insurance, with limits of not less than $100,000 bodily injury and $25,000 property damage or a combined single limit of $100,000 per occurrence is required.

(4) For contracts over $10,000 and under $25,000, comprehensive general liability insurance, including automobile liability insurance, with limits of not less than $300,000 bodily injury and $50,000 property damage or a combined single limit of $300,000 per occurrence is required.

(5) For contracts over $25,000 and under $50,000, comprehensive general liability insurance, including automobile liability insurance, with limits of not less than $500,000 bodily injury and $100,000 property damage or a combined single limit of $500,000 per occurrence is required.

(6) For contracts over $50,000, comprehensive general liability, including automobile liability with limits of not less than $1 million per occurrence is required.

(7) On new construction where a structure is involved, fire and extended coverage insurance, including vandalism and malicious mischief, shall be provided by the contractor and subcontractors.