The Risk Manager, acting as agent for the state agencies, may (1) self-insure and contract for related risk management services, (2) purchase a liability insurance policy or policies, or (3) use any combination of self-insurance and insurance to protect the agencies and their employees and other persons authorized to operate a vehicle by an agency against loss occasioned by negligence in the operation of any trucks, automobiles, snowplows, road graders, or other vehicles. Any such policy shall be purchased by public bidding conducted by the Risk Manager upon terms and forms prepared by him or her and shall have limits for death, bodily injury, and property damage that are the same as would be required by law for a private individual. The premium on the policy or policies shall be paid by the Risk Manager from the State Insurance Fund created in section 81-8,239.02. The Risk Manager shall authorize and administer the payment of self-insured losses and payment for risk management services from the State Insurance Fund, State Self-Insured Property Fund, State Self-Insured Indemnification Fund, or State Self-Insured Liability Fund as appropriate.