(a) Depositing with the department a surety bond in favor of any person or persons who may suffer damage by reason of the operation of an aerial application service, issued by a corporate surety company authorized to do business in this state, which surety bond shall be in an amount not less than the amount of financial responsibility required by the rules and regulations of the department. However, the aggregate liability of the surety to all such persons shall not, in any event, exceed the amount of the bond; or
(b) The filing of a general liability insurance policy issued by an insurance company authorized to do business in this state insuring the licensee and any of his agents against liability resulting from the operation of an agricultural aviation service, which insurance policy shall be in an amount deemed as acceptable to the department, as follows:
(i) Not less than One Hundred Thousand Dollars ($100,000.00) for personal injury;
(ii) Not less than Three Hundred Thousand Dollars ($300,000.00) in the aggregate for multiple injuries; and
(iii) Not less than One Hundred Thousand Dollars ($100,000.00) for property damage.
The department shall establish by rules and regulations the amount of financial responsibility to be required of each licensed applicator, but in no event shall the amount of financial responsibility required be less than the amounts prescribed in paragraph (b) of this section.
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