Are Aviation policies considered eligible insurance contracts?
It is most likely that you will need to take your own legal advice about whether a contract is an eligible insurance contract for the purposes of the Act. To determine whether a contract of insurance is an eligible insurance contract the following analysis needs to be undertaken. A contract of insurance which is covered by section 7(1) of the TIA and is not otherwise excluded by the operation of sections 7(2) and (3) of the TIA is an eligible insurance contract for the purposes of the TIA. The first question to be addressed is whether the contract of insurance in question is covered by section 7(1) of the Act. Section 7(1) uses the words “to the extent”. Accordingly, subject to sections 7(2) and (3) of the TIA a contract of insurance is prima facie an eligible insurance contract to the extent that it provides insurance cover for one or more of the risks described in sub-paragraphs (a), (b) or (c). This means that where the policy of insurance covers a number of risks, including any of
