(1) The owner or manager of the vehicle operating the transport service on the designated route must insure the specified amount of the passenger fare for each passenger.
(2) Regardless of the actual value of the passenger vehicle, if such passenger vehicle is lost or destroyed for any reason, the owner or manager of the vehicle shall not be liable for the amount of compensation claimed in excess of the insurance amount as per sub-section (1).
(3) If a passenger vehicle is lost or destroyed while operating a transport service without insuring the passenger vehicle in accordance with sub-section (1), the owner or manager of the vehicle must compensate the passenger or his rightful owner with the amount of insurance due to the passenger as per sub-section (1).