Michigan Compiled Laws, Chapter 408. Labor § 408.666

(a) By obtaining a policy of insurance in an amount not less than $300,000.00 insuring the owner or operator against liability for injury suffered by individuals riding the carnival or amusement ride.

(b) By obtaining a bond in an amount not less than $300,000.00 with the aggregate amount of the surety on the bond not exceeding the face amount of the bond.

(c) An owner having only 1 carnival or amusement ride that is designed primarily for use by children, may comply with subsections (a) and (b) by obtaining a policy of insurance or a bond in an amount not less than $50,000.00.

(d) In the case of a local unit of government, the director may authorize a local unit of government that is an owner of a carnival or amusement ride to be a self-insurer upon a reasonable showing by the local unit of government owner of its solvency and financial ability to pay liability claims for injury suffered by individuals riding the carnival or amusement ride, in an amount not less than $300,000.00. If the director determines it to be necessary, the director shall require the furnishing of a bond or other security in a reasonable amount.