No person may operate an amusement ride or amusement attraction unless at the time of such operation there is in existence: (1) An insurance policy in an amount of not less than $1 million per occurrence insuring the owner or operator against liability for injury to persons arising out of the use of the amusement ride or amusement attraction; or (2) A bond in a like amount; however, the aggregate liability of the surety under such bond shall not exceed the face amount thereof. The policy or bond shall be procured from one or more insurers or sureties licensed to transact business in this state or approved as surplus lines insurers.
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