Public Liability insurance
10.—(1) In this article—
“insurer” means any insurer or insurers authorised under the InsuranceCompanies Act 1982 (1) to carry on in the United Kingdom insurance businessof a relevant class or who has corresponding permission under the law ofanother member state of the European Economic Community;
“policy” means a public liability policy with an insurer providing maximumcover in respect of any one accident on or occasioned by the operationof the railway of not less than £1 million.
(2) (a) The Company shall not work the railway unless there is inforce a policy in accordance with the provisions of this article.
(b)If the Company contravene the provisions of this article they shallbe liable on summary conviction to a fine not exceeding the statutorymaximum or, on conviction on indictment, to a fine.
(3) The adequacy of the cover provided by a policy maintained inaccordance with this article shall be regularly reviewed by the Company.