Foreign Air Operator Certificate, as the case may be, operating within Sri Lanka or internationally, to, from or through Sri Lanka, shall keep in force at all times a liability insurance adequately covering his liability for death or bodily injury to passengers which may be caused by an accident and for the loss of or damage to baggage, cargo or mail, due to any event during the period of carriage and for the delay in the carriage of passengers, baggage, cargo or mail. Such person shall also be required to have a valid and adequate insurance policy covering his liability for damage that may be caused by the aircraft to third parties, on the surface or in the air.