Hire-Purchase Act · 2024 Revised Edition · Part · Insurance
25. Owner may require insurance cover for goods
Official textFrom Attorney General's Chambers, unchanged
An owner may, subject to section 26, require any goods comprised in a hire-purchase agreement to be insured in the names of the owner and the hirer against any risk that he thinks fit for the period of the agreement at the expense of the hirer.
owner
“owner” means a person who lets or has let goods to a hirer under a hire-purchase agreement and includes a person to whom the rights or liabilities of the owner under the agreement have passed by assignment or by operation of law;
Terms defined in s 2
goods
Defined · s 2“goods” includes any replacement or renewal by the hirer of any part or parts thereof and any accessories added or additions made thereto by the hirer during the period of the hiring;
hire-purchase agreement
Defined · s 2“hire-purchase agreement” includes a letting of goods with an option to purchase and an agreement for the purchase of goods by instalments (whether the agreement describes the instalments as rent, hire or otherwise), but does not include any agreement — (a) whereby the property in the goods comprised therein passes at the time of the agreement or upon or at any time before delivery of the goods; or (b) under which the person by whom the goods are being hired or purchased is a person who is engaged in the trade or business of selling goods of the same nature or description as the goods comprised in the agreement;
hirer
Defined · s 2“hirer” means the person who takes or has taken goods from an owner under a hire-purchase agreement and includes a person to whom the rights or liabilities of the hirer under the agreement have passed by assignment or by operation of law;
owner
Defined · s 2“owner” means a person who lets or has let goods to a hirer under a hire-purchase agreement and includes a person to whom the rights or liabilities of the owner under the agreement have passed by assignment or by operation of law;
Part