8.—(1) In this article
“insurer” means any insurer or insurers authorised under the Insurance Companies Act 1982(1) to carry on in the United Kingdom insurance business of a relevant class or who has corresponding permission 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 railway of not less than £2 million.
(2) (i) The Society shall not work the Society’s railway unless there is in force a policy in accordance with the provisions of this article.
(ii)In default of compliance with the provisions of this article the Society shall be liable on summary conviction to a fine not exceeding the statutory maximum and on conviction on indictment to a fine.
(3) The adequacy of the cover provided by a policy maintained in accordance with this article shall be regularly reviewed by the Society.