Insurance against the third party risk.

(1) The promoter of every aerial ropeway shall obtain a policy or insurance in respect of the aerial ropeway from an authorised insurer recognised under the relevant insurance law. (2) The policy of insurance obtained by the promoter under sub-section (1) shall cover the insurance of the person traveling in the aerial ropeway including those persons employed by the promoter in connection with the operation of such aerial ropeway against any liability which may be incurred by him in respect of the death of or bodily injury to any person including of trie goods or his authorized representatives carried in the aerial ropeway or damage to any property of third party caused by or arising out of the use of aerial ropeway.