25-15-92. Liability insurance, bond, or other security required.

No person shall operate a carnival ride unless at the time there is in existence:#

1. (1)

   A policy of insurance in an amount not less than $1 million (if an independent contractor) against liability for injury to persons arising out of the operation of the carnival ride;#

2. (2)

   A bond in a like amount; provided, however, that the aggregate liability of the surety under such bond shall not exceed the face amount thereof; or#

3. (3)

   Cash or other security acceptable to the office.#

Regulations under this article shall permit appropriate deductibles or self-insured retention amounts to such policies of insurance. The policy or bond shall be procured from one or more insurers or sureties acceptable to the office.#