All buses used, owned, leased, or operated by any person under contract with the Department of Education, a school district, or charter school for the purpose of transporting school pupils either to or from school or for any other purpose under the jurisdiction of any school authority shall be covered by insurance consisting of, at a minimum, all of the following:
(1) Bodily injury and property damage coverage with a combined single limit of $1,000,000.
(2) Personal injury protection coverage of $100,000 individual, $300,000 total.
(3) Medical payment coverage of $2,000 per person.
(4) Uninsured motorist coverage of $300,000.