Every dealer and vehicle manufacturer shall, as a condition of issuance or renewal of a dealer or vehicle manufacturer license by the department, continuously provide insurance against loss resulting from liability imposed by law for bodily injury or death or damage to property suffered by any person arising out of the ownership, maintenance or use of vehicles owned by or under the control of the licensee and used in conduct of the business of the dealer or vehicle manufacturer. Such insurance shall be in an amount not less than twenty-five thousand dollars ($25,000) because of bodily injury to or death of one (1) person in any one (1) accident and, subject to the limit for one (1) person, in the amount of fifty thousand dollars ($50,000) because of bodily injury to or death of two (2) or more persons in any one (1) accident, and in the amount of fifteen thousand dollars ($15,000) because of injury to or destruction of property of others in any one (1) accident. The applicant for a dealer or vehicle manufacturer license shall maintain on file with the department a certificate of liability insurance, issued by an insurance or surety company authorized to do business in this state or by an authorized agent of such company, in such form as may be prescribed by the director of the department of insurance as set forth in section 49-1231, Idaho Code.