(a) A vessel livery must purchase liability insurance from an insurer licensed to do business in this state.
(b) Before releasing possession of a rented vessel, a vessel livery shall provide each operator of the rented vessel instruction relating to:
(1) the provisions of this chapter;
(2) operational characteristics of the rented vessel; and
(3) boating regulations that apply in the area of operation of the vessel.

(c) After providing the instruction required by Subsection (b) and before releasing possession of the rented vessel, the vessel livery shall require each operator to sign an acknowledgment form indicating that the operator has received the required instruction. The vessel livery shall retain the form for at least six months.