((a)) ** .—** To be eligible to purchase a covered vessel from the Federal Government, a person shall provide proof of—

((1)) liability insurance for the operator of such covered vessel;

((2)) financial resources sufficient to cover maintenance costs of such covered vessel; and

((3)) with respect to a covered vessel requiring documentation under chapter 121, an admiralty bond or stipulation.

((b)) ** .—** In this section, the term “covered vessel” means—

((1)) a government owned vessel disposed of in accordance with this part and ;

((2)) a vessel seized or forfeited pursuant to any law, and auctioned by the Federal Government, including a vessel seized or forfeited pursuant to section 7301 or 7302 of the Internal Revenue Code of 1986; or

((3)) a fishing vessel seized or forfeited pursuant to section 310 of the Magnuson-Stevens Fishery Conservation and Management Act ().