(1) For the protection of the public and the exhibitors, contestants, and visitors, every person licensed to conduct a race meet under the provisions of this article 32 shall carry public liability insurance in the form of a contract and with a company to be approved by the commission. (2) An organization representing the majority of the owners of racing animals participating in any race meet may require the licensee conducting the race meet to provide and deliver to the commission evidence of a bond signed by a surety company authorized to do business in this state, in an amount sufficient to cover all awards and purses due to the contestants at the race meet and conditioned that the licensee will pay and discharge all obligations to the contestants in connection with the race meet.
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