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9.—(1) In this article
“insurer” means any insurer or insurers authorised under the Insurance Companies Acts 1982(1) to carry on in Great Britain insurance business of a relevant class or who has corresponding authorisation under the law of another member state of the European Economic Community;
“policy” means a public liability policy with an insurer providing maximum cover in respect of any one accident on or occasioned by the operation of the Company’s railways or any part thereof of not less than £2,000,000.
(2) (i) Neither the Company nor the Society shall work the Company’s railways or any part thereof unless there is in force a policy.
(ii)In default of compliance with the provisions of this paragraph the Company or the Society as the case may be shall be liable on summary conviction to a fine not exceeding £2,000.
(iii)The adequacy of the cover provided by a policy maintained in accordance with this article shall be regularly reviewed by the body which is required to effect and maintain the policy.
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