s 21 Application of this Act to securities
21.—(1) The provisions of this Act apply in relation to securities having effect for the purposes of this Act as they apply in relation to policies of insurance. (2) In relation to any security referred to in subsection (1), references in the provisions of this Act to being insured, to a certificate of insurance, to an insurer and to persons insured are to be construed respectively as references to the having in force of the security, to the certificate of security, to the giver of the security and to the persons whose liability is covered by the security.