(1) An outfitter, other than an outfitter licensed on inactive status, shall have liability insurance, as a named insured, in effect at all times during the license year, and shall submit proof of such insurance with an application for renewal. Minimum amounts of liability insurance shall be $10,000 for property damage, $100,000 for personal injury to one person and a total of $300,000 for personal injury to more than one person.