The board of trustees of each school district owning and operating vehicles for the transportation of pupils, and any transportation contractor, shall have in effect at all times for each vehicle so used, insurance purchased from a company or companies licensed to operate in this state, in amounts not lower than the minimums set by the state board of education, indemnifying the insured against claims for any injury to or death of a person(s) arising out of the operation of the school transportation system. Each school district may purchase and keep in force, insurance in excess of such required minimum amounts; and insurance indemnifying the district, its officers and employees against any tort claims arising out of the operation of its school transportation system.
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