(a) All owners, operators, and contractors covered by this subchapter shall maintain a policy of insurance issued by an insurance company authorized to do business in Arkansas and insuring the owner, operator, or contractor against liability for personal injury or property damage arising out of the operation or use of the mine in the minimum amount of one million dollars ($1,000,000) for each incident or occurrence.
(b) Proof of such coverage shall be made available to the Director of the Division of Labor or his or her authorized representative upon request.