Tenn. Code Ann. § 65-19-103

Any such common carrier, before operating any public conveyance as aforementioned, in addition to obtaining such a permit or license, shall execute to the state and file with the county clerk of the county in which the business is to be carried on, and renew or increase from time to time as may be required by such city or town, a bond with good and sufficient surety or sureties, to be approved by the mayor of such incorporated city or town, in such sum as such city or town may reasonably demand, in no case, however, in a sum less than five thousand dollars ($5,000) for each car operated, conditioned that such common carrier will pay any damage that may be adjudged finally against such carrier as compensation for loss of life or injury to person or property inflicted by such carrier or caused by the negligence of the carrier.