(1) A certificate or permit may not be issued to any person to operate intrastate as a for-hire carrier of freight or express until the person has in effect cargo insurance in such penal sum as the Department of Transportation may deem necessary to protect adequately the interests of the public. This policy shall bind the assurer for loss of, or damage to, property carried in, upon or attached to the motor vehicles or other equipment operated by, for or under the control of the assured, or while in the care or custody of the assured.

(2) The department may waive the requirement of cargo insurance for any carrier whose service is limited to commodities not subject to material damage or loss through ordinary transportation hazards. [Formerly 767.200; 2011 c.73 § 1]