Before a jitney is used in the carrying of passengers for hire, the owner thereof shall procure a contract or policy of insurance issued by a liability insurance company authorized to transact business in this State, or a surety bond executed by such owner and having a surety company authorized to transact business in this State as surety thereon, which insurance or surety bond shall indemnify the insured against any legal liability to the passengers in the jitney or others, for personal injury, the death of a person, or property damage, which injury, death, or damage may result from or have been caused by the use or operation of a motor vehicle covered by such policy of insurance or such bond.