An owner of an amusement ride or water slide shall maintain, at all times during which the amusement ride or water slide is in operation for the public, liability insurance with an insurer authorized or approved to write such insurance in this state on the operation of the amusement ride or water slide providing coverage, subject to a limit, exclusive of interest and costs, of not less than one million dollars ($1,000,000) for bodily injury or death of one individual in each occurrence, and, subject to such limit for one individual, to a limit of not less than one million dollars ($1,000,000) for bodily injury or death of two or more individuals in each occurrence.