These Regulations make insurance, or another form of financial security, compulsory for any ship in respect of which a trans-shipment licence issued under section 4A of the Sea Fish (Conservation) Act 1967 is in force. These trans-shipment licences are issued to all ships involved in trans-shipment operations in respect of pelagic fish in United Kingdom waters, whether the ship is used to process fish or to store and refrigerate it. The insurance or security must cover the following liabilities: