Revised Laws of Saint Lucia (2023)

PART 5
CONTRACTUAL INSURANCE AND BENEFIT

12.   Form of the contract

A contract of insurance and the proposal shall be in the forms and shall contain the particulars set out in Form I and Form II respectively in Schedule 3.

13.   Period of insurance

A contract of insurance shall be for the period commencing on 1 January of one year and ending on 31 December of the same year or for the period commencing on 1 July of one year and ending on 30 June of the following year.

14.   Subject matter of insurance

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   (1)   A contract of insurance shall not be entered into with respect to plant mats unless those mats are part of a block of at least 100 plant mats in a new or replanted field.

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   (2)   During any period of insurance, the plant mats of a holding shall not be insured under more than one contract of insurance.

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   However, a contract of insurance may at any time at the discretion of the Authority be varied to provide for additional coverage.

15.   Premium

The premium payable by an assured shall be at the rate of $0.03 for every plant mat.

However, in the case of holdings which have been replanted to the satisfaction of the Authority, the Authority may reduce the premium to $0.02 for every plant mat.

16.   Conditions for contractual benefit

An assured shall be qualified to receive contractual benefit in respect of the loss of the plant mats specified in his or her contract of insurance, and shall not be so qualified, unless—

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   (a)     the information supplied by him or her and set out in the Proposal Form attached to his or her contract of insurance is true and correct in every particular;

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   (b)     the plant mats with respect to which he or she claims benefit or that portion of the holding of which those plant mats originally formed part has suffered loss to an extent not less than the statutory minimum;

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   (c)     during the appropriate insurance year, no bunch of bananas was harvested from the mats with respect to which he or she claims benefit;

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   (d)     at the time of the windstorm, the premium due under his or her contract of insurance has been fully paid; and

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   (e)     he or she makes a return in accordance with the provisions of Part 6 of these Regulations.

17.   Amount of contractual benefit

The amount of benefit payable to an assured under a contract of insurance shall be $0.50 for every affected plant mat in excess of the minimum statutory percentage.

18.   The applicable provisions

The applicable provisions shall with the necessary modifications apply to every contract of insurance entered into under the Act between the Authority and an assured, and in relation to every such contract, the applicable provisions and the forms prescribed thereunder shall be construed as if—

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   (i)     for the word “statutory” there were substituted the word “contractual”,

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   (ii)     for the word “grower” there were substituted the word “assured”,

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   (iii)     for the word “ratoon” there were substituted the word “plant”,

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   (iv)     for the words “registration number” there were substituted the words “policy number”.

19.   Records

An assured shall keep proper records of all bunches of bananas harvested from the mats referred to in the proposal form attached to his or her contract of insurance, and shall forward those records to the Authority after every sale of bananas to the local authority.