Singapore legislation
Clause 27
Clause 27
As to contents of contracts of insurance
(1)
Every copy of a policy of insurance (not being a policy of third-party insurance) and every statement, served upon a hirer pursuant to section 4 of this Act, shall —
identify the goods or the part of the goods to be insured;
contain a statement of the amount and period for which the goods are insured or are to be insured; and
if the amount for which the goods are or are to be insured will vary during the period of the agreement, contain a statement showing the varying amounts.
(2)
Subject to subsection (3) of this section any provision in any agreement or other document connected with goods comprised in a hire-purchase agreement —
requiring differences or disputes arising out of a contract of insurance to be referred to arbitration;
providing that no action or suit shall be maintainable upon such a contract or against the insurer in respect of any claim under, or difference or dispute arising out of, such a contract unless the claim, difference or dispute has been referred to arbitration or an award pursuant to arbitration proceedings has been first obtained;
providing that arbitration or an award pursuant to arbitration proceedings is a condition precedent to any right of action or suit upon such a contract; or
otherwise imposing by reference to arbitration or to an award made in arbitration proceedings any limitation on the right of person to bring or maintain any action or suit upon such a contract,shall not bind the hirer.
(3)
Nothing in subsection (2) of this section shall prevent the parties to a contract of insurance from making an agreement, after a difference or dispute has arisen out of the contract of insurance, to submit the difference or dispute to arbitration.