The protection required under Section 4663 shall be evidenced either by the deposit with the commission, covering each vessel used or to be used in for-hire vessel operations for compensation, of:
(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 such policies meet the rules promulgated therefor by the commission; or
(b)
A bond of a surety company licensed to write surety bonds in the state; or
(c)
Such evidence of the qualification of the for-hire vessel operator as a self-insurer as may be authorized by the commission.