3. The Commission shall issue or transfer a permit for the transport of passengers by water to a person who applies therefor on the form used by the Commission, where it considers that the person meets the following criteria:
(1) (paragraph revoked);
(2) he submits to the Commission a certificate of insurance attesting that each of the ships for which he is applying for a permit is covered, for the period of operation of the service authorized by the permit, by a marine civil liability insurance policy (protection and indemnity coverage) with a minimum guarantee limit of $5,000,000 for ships whose capacity is greater than 12 passengers or a minimum guarantee limit of $1,000,000 in the case of other ships;
(3) he provides the Commission with a certified true copy of a rider to the insurance policies stipulating that the policies may not be cancelled and that the coverage may not be reduced except where 30 days’ notice is officially given in writing to the secretariat of the Commission at its head office;
(4) he attests in a document that each ship and its crew to be used in providing the service meet the requirements of the federal regulations relating to the inspection, capacity and safety of ships and the competence of their crew;
(5) he establishes the real and urgent necessity for an additional service for each of the ships to be used, if applicable, where he offers passengers a ferry service competing with another ferry service.