No person shall operate a passenger tramway unless the tramway has been inspected by a qualified inspector of an insurance company underwriter and has a current insurance policy in force written by an insurance company authorized to do business within the state in an amount of not less than five hundred thousand dollars ($500,000) per occurrence or an aggregate of not less than one million dollars ($1,000,000) for liability for injury to persons arising out of the use of the tramway. The annual inspection report and certificate of insurance coverage shall be filed with the department prior to the first day of the operation each year.