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11. (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 business ofa relevant class or who has corresponding authorisation under the law ofanother member State of the European Economic Community.
(2) The Council shall at all times maintain a public liability policywith an insurer providing cover of not less than one million pounds inrespect of any one accident on or occasioned by the operation of therailways and the adequacy of the cover provided by the policy shall beregularly reviewed by the Council.
(3) The Council shall not work the railways unless there is in force apublic liability policy in accordance with the provisions of thisarticle.
(4) If the Council fail to comply with the provisions of this articlethey shall be liable on summary conviction to a fine not exceeding level5 on the standard scale or on conviction on indictment to a fine.