27.—(1) A United Kingdom fishing vessel may not enter or leave a port in the United Kingdom or elsewhere unless the fishing vessel owner has insurance in respect of that fishing vessel.
(2) A fishing vessel which is not a United Kingdom fishing vessel may not enter or leave a port in the United Kingdom unless the fishing vessel owner has insurance in respect of that fishing vessel.
(3) In paragraphs (1) and (2), a fishing vessel owner has insurance if there is in force in relation to the fishing vessel a contract of insurance (or other form of security) which provides financial assurance of an amount which the fishing vessel owner reasonably considers adequate to ensure that the fishing vessel owner will be able to meet any liabilities the fishing vessel owner may have, including liabilities under any fisherman’s work agreement, to provide compensation in the event of death or long term disability to fishermen arising from occupational injury, illness or hazard.