(1) Every employer shall take out, as soon as may be practicable after the commencement of this Act, one or more insurance policies providing for contracts of insurance whereby he is insured against any liability arising out of sub-section (1) of section 22 to make payment of compensation to any operator of a dangerous machine and such contract of 10 insurance may provide for the payment of annuities to the operator, or in case of his death, to the members of his family or to his nominee, if he does not have a family.
(2) Every employer shall get the insurance policy referred to in sub-section (1) renewed from time to time before the expiry of the period of validity thereof so that the policy of insurance may remain in force throughout the period during which any person is employed by him to operate any dangerous machine.