The protection required under Section 759.2 shall be evidenced by deposit with the division, covering each vessel used or to be used in for-hire vessel operations for compensation, of any of the following:
(a) A policy of insurance, issued by a company licensed to write such insurance in the state, or by nonadmitted insurers subject to Section 1763 of the Insurance Code, if those policies meet the rules promulgated by the department.
(b) A bond of a surety company licensed to write surety bonds in the state.
(c) Any evidence of the qualification of the for-hire vessel company as a self-insurer as may be authorized by the department.