Under the new guidelines we are no longer required to jump through this particular hoop for performances of this type. For more information see here.
The Magic Lantern used is a genuine 1910s electric lamp. There is therefore no naked flame to pose a fire risk, the lantern can become hot to the touch however and therefore is never left unattended whilst in operation.
Professor Llusern has public liability insurance for £5,000,000 as evidence of good practice. Certificates available upon request (as above).