Hire-Purchase Act 1959

Every contract of insurance (not being a contract of third party insurance) and statement served upon a hirer pursuant to section 4 shall —

identify the goods or the part of the goods to be insured; and

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.

Subject to subsection (3), any provision in any agreement or other document —

requiring differences or disputes arising out of a contract of insurance to be referred to arbitration; or

providing that no action or suit is maintainable upon a contract of insurance or against the insurer in respect of any claim under, or difference or dispute arising out of, the contract unless the claim, difference, or dispute has been referred to arbitration or an award pursuant to arbitration proceedings has been first obtained; or

providing that arbitration or an award pursuant to arbitration proceedings is a condition precedent to any right of action or suit upon a contract of insurance; or

otherwise imposing by reference to arbitration or to an award made in arbitration proceedings any limitation on the right of any person to bring or maintain any action or suit upon a contract of insurance,

An agreement made by the parties to a contract of insurance after a difference or dispute has arisen out of the contract of insurance to submit that difference or dispute to arbitration has effect as if subsection (2) had not been enacted.