7Eligible insurance contracts

7 Eligible insurance contracts

(1) A contract of insurance is an eligible insurance contract to the extent that it provides insurance cover for one or more of the following: (a) loss of, or damage to, eligible property that is owned by the insured; (b) business interruption and consequential loss arising from: (i) loss of, or damage to, eligible property that is owned or occupied by the insured; or (ii) inability to use eligible property, or part of eligible property, that is owned or occupied by the insured; (c) liability of the insured that arises out of the insured being the owner or occupier of eligible property. (2) A contract covered by subsection (1) is not an eligible insurance contract to the extent to which it is: (a) a contract of reinsurance; or (b) prescribed by the regulations for the purposes of this subsection. (3) A contract of insurance is not an eligible insurance contract if it is made in the course of State insurance not extending beyond the limits of the State concerned. (4) This section extends to contracts made before the commencement of this section.