The applicant's public liability insurance policy shall provide for personal injury and property damage protection in an amount adequate to compensate all persons entitled to compensation under the applicable provisions of State law for injury or property damage as a result of surface coal mining and reclamation operations, including use of explosives and damage to water wells. Minimum insurance coverage for bodily injury shall be $300,000 per occurrence, $500,000 aggregate, and for property damage shall be $300,000 per occurrence, $500,000 aggregate. The policy shall be maintained in full force during the life of the permit. The policy shall require that the insuror notify the Bureau whenever substantive changes are made, and before any termination.