reg 26 Financial security requirement applicable to all ships
(1) A ship must not be operated unless— (a) in the case of a ship in a category described in regulation 3(1)(a) or (b), there is in force a contract of insurance or other financial security adequate to ensure that the shipowner will be able to meet any liabilities arising from the duties in regulations 19 and 22; or (b) in the case of a ship in the category described in regulation 3(3), financial security is provided in accordance with paragraph 2 of Regulation 2.5 (repatriation) of the MLC. (2) A breach of paragraph (1) is an offence by the shipowner.