(a) (1) For purposes of this subsection, “operate” shall include any use of the aircraft which involves remuneration to the owner, including but not limited to leasing, rental, and use for instructional purposes.
(2) The owner of any aircraft based or hangared in this State may not operate that aircraft unless there is a liability insurance policy in force on the aircraft which covers the owner and the pilot for claims by passengers or other persons for any injuries to them or their property that might arise out of the operation of the aircraft.
(b) The liability insurance shall provide coverage for at least:
(1) $50,000 bodily injury per individual;
(2) $100,000 bodily injury per accident; and
(3) $50,000 property damage protection.
(c) All airport operators in this State shall maintain a roster of aircraft based or hangared at the facility. This roster shall include for each aircraft:
(1) The “N” number, type, and model of the aircraft;
(2) The name and address of the owner or operator of the aircraft, and the period of time the aircraft has been based or hangared at the facility;
(3) The liability insurance policy or binder number;
(4) The name of the insurance company shown on the policy; and
(5) The name of the insurance producer.
(d) The Administration, at the time of annual on–site airport inspection and licensing of public use airports in this State, shall have access to liability insurance policy information to determine compliance with subsection (b) of this section.