Each holder of a permit as a contract carrier by motor vehicle issued by the commission shall keep on file with the commission 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, conditioned to pay any final judgment against said contract 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. However, such carrier shall not be required to file a policy of insurance or bond conditioned to pay the judgments on claims of its passengers, or shippers or patrons. The minimum amount of such insurance policy or bond shall be as provided in Section 77-7-83.
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