The policy of insurance shall insure the common carrier named therein against loss from the liability imposed by law for damages arising out of the operation of the common carrier, the limits of which policy of insurance shall not be less than the standard public liability limit of $5,000 for bodily injury to or death of any one person in any one accident and subject to such limitation for one person, not less than $10,000 for bodily injuries to or death of two or more persons in any one accident, and not less than $5,000 for liability for damage to property of others for any one accident. Before the certificate referred to in § 288-3 is filed, the insurer shall file a copy of the form of policy of insurance referred to in the certificate with the treasurer or director of finance of each county in which any such certificate is filed.