(1) Where an owner provides an option for insurance against risks of goods comprised in the hire-purchase agreement and the hirer accepts the insurance, such insurance shall not be enforceable unless the policy of insurance—
(a) identifies the goods or the part of the goods to be insured;
(b) contains a statement of the amount and period for which the goods are insured or are to be insured;
(c) contains a statement showing the varying amounts if the amount for which the goods are insured or are to be insured will vary during the period of the hire-purchase agreement.
(2) Nothing in this section shall limit or restrict the right of the owner to provide insurance with or without charge to the hirer.
(3) For the purposes of this section “independent insurer” means any reputable insurer carrying on business in Saint Lucia except an insurer which is owned or controlled by the owner.