Protection of the Sea (Civil Liability) Regulations 1983
4Acceptable guarantees
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4 Acceptable guarantees
Each of the following kinds of guarantees are acceptable for the purposes of paragraph 3 of Article V of the Convention: (a) a guarantee given by a bank within the meaning of the Banking Act 1959; (b) a letter of guarantee given by an organization known as a Protection and Indemnity Club, being an organization the members of which carry on the business of marine insurance including insurance in respect of pollution damage; (c) a guarantee given by a guarantor approved by the Minister or by an officer of the Authority authorized in writing by the Minister for the purpose of this regulation.