A trampoline park operator shall:
(1) maintain insurance providing liability coverage of at least $1,000,000 in the aggregate and $500,000 per incident to cover injuries to participants arising out of any negligence or misconduct by the trampoline park operator or staff in the construction, maintenance, or operation of the trampoline park;
(2) maintain a certificate of insurance demonstrating compliance with this section; and
(3) notify the licensing staff of the local regulating authority within 24 hours of the lapse, expiration, or cancellation of the insurance described in Subsection (1).