An applicant for a Basel permit has appropriate insurance for the purposes of section 17 or 17A if:
(a) the applicant is reasonably insured against risks that might arise in relation to the hazardous waste concerned if the permit were granted; or
(b) the applicant, whether because of arrangements made by the applicant or otherwise, will be able to discharge any liability of the applicant that might arise in relation to the hazardous waste concerned if the permit were granted.