32. The surety is required to fulfil its obligation up to the amount required by section 27.
Despite the foregoing, in the case of security provided by a group surety insurance policy for the members of an association of contractors, the total amount of the policy is established as follows:
(1) $250,000 if the association has fewer than 1,000 members;
(2) $500,000 if the association has a minimum of 1,000 members but fewer than 5,000 members; and
(3) $1,000,000 if the association has 5,000 members or more.