Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Owner may require insurance cover for goods
25. An owner may, subject to section 26, require any goods comprised in a regulated agreement to be insured in the names of the owner and the hirer against any risk that he thinks fit for the period of the agreement at the expense of the hirer.
Restrictions on owner’s rights to require insurance
26.—(1) An owner shall not require a hirer to insure any such risk with any particular licensed insurer. (2) An owner shall not refuse to enter into a regulated agreement with a person who effects insurance of the goods for the period of the agreement against such risks and subject to such reasonable terms, conditions and exceptions as are required by the owner in the names of the owner and the hirer with a licensed insurer if the owner has no other grounds upon which the owner could reasonably refuse to enter into the agreement. (3) An owner shall not require a hirer to obtain insurance against risks or subject to terms, conditions and exceptions that the owner would not require if he arranged the insurance. (4) Where any goods comprised in a regulated agreement are insured in the joint names of the owner and the hirer against any risk with a particular licensed insurer, there shall be an implied condition in the agreement that the hirer shall not, during the period of the agreement, insure those goods against any risk with another licensed insurer without first informing the owner.
Benefit of rebate to pass to hirer
27.—(1) Where, in respect of the insurance of goods comprised in a regulated agreement, the insurer allows any rebate including a no‑claim rebate or rebate of a similar nature (as distinct from legitimate agency commission payable to an owner who is also a bona fide agent of an insurer and who arranges the insurance on behalf of the hirer) the hirer under the agreement is entitled to the benefit of the rebate. (2) Any person who knowingly pays or allows any rebate referred to in subsection (1) to an owner shall be guilty of an offence.
Contents of contracts of insurance
28. Every copy of a policy of insurance (not being a policy of third‑party insurance) and every statement, served upon a hirer under section 4, shall —(a) identify the goods or the part of the goods to be insured; (b) contain a statement of the amount and period for which the goods are insured or are to be insured; and (c) 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.
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Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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