The bond as provided for in Section 713.05 shall be in force and effect during the entire drilling operation and until such time as the well is capped and for thirty days thereafter, at which time the applicant may discontinue the bond if he has complied with all the conditions thereof. In the event that the applicant chooses to discontinue his bond, he must deposit with the Director of Public Service, in lieu of the one hundred thousand dollar ($100, 000) bond, his insurance policies or certificates of insurance covering liability for property damage and for personal injury. Such insurance must be maintained for such period of time as the well is in operation or is producing oil or gas, and shall be for not less than one hundred thousand dollars ($100, 000).