Each holder of a certificate authorizing operation as a common carrier by motor vehicle, or the holder of a contract permit issued by the commission, shall keep in force at all times an insurance policy or a certificate of insurance in lieu thereof, issued by some insurance company or association or other insurer authorized to transact business in this state, or bond or bonds, to be approved by the commission, in an amount required by the commission, conditioned to pay any final judgment against the carrier for personal injuries or property damage resulting from or arising out of the use, maintenance or operation of the motor vehicles of such carrier and suffered by any member of the public or by the state or any of its political subdivisions. The amount of the insurance policy or bond required by the commission under this section shall in no case be less than the insurance requirements of the United States Department of Transportation as set out in 49 CFR part 387.
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