(1) In addition to any other insurance requirements, each nonpublic sector bus must carry: (a) Proof of ability to respond in damages for liability on account of accidents arising out of the use of the nonpublic sector bus:
1. In the amount of $100,000 because of bodily injury to, or death of, one person in any accident;
2. Subject to such limits for one person, in the amount of $300,000 because of bodily injury to, or death of, two or more persons in any one accident; and
3. In the amount of $50,000 because of injury to, or destruction of, property of others in any one accident; or
(b) A policy of insurance providing for bodily liability insurance and property damage liability in a sum of not less than $300,000.
(2) School buses subject to the provisions of chapter 1006 or s. 316.615 are exempt from the provisions of this section.
(3) A violation of this section is a noncriminal traffic infraction, punishable as a nonmoving violation as provided in chapter 318.