Requirements in respect of insurance policy

(1) For compliance with the requirements under regulation 7, a policy of insurance shall– (a) be issued by a licenced insurer in Belize; (b) insure a person, or class of persons as may be specified in the policy regarding any liability which may be incurred by the person or class of persons in respect of the death or bodily injury to any person or damage to any property caused by or arising out of the use of the water (c) insure a person or class of persons as may be specified in the policy in respect of any statutory liability which may be incurred by the person or class of persons under the provisions of these Regulations, relating to the payment of the benefits mentioned in regulation 15, but such policy shall not be required to cover– (i) liability in respect of the death of an employee of the person insured by the policy or of bodily injury sustained by the employee; (ii) except in the case of a water taxi in which a passenger is carried for hire, reward or is an employee, liability in respect of the death of or bodily injury to a person who is carried in or upon, 104 entering or getting onto or alighting from the water taxi, at the time of the occurrence of the event from which the claim arises; (iii) any contractual liability; (iv) liability for death or bodily injury in excess of fifty thousand dollars in respect of any one claim by any one person; (v) liability for death or bodily injury in excess of five hundred thousand dollars in respect of the total claims arising from any one accident; (vi) liability in excess of one hundred and fifty thousand dollars for damage to any property, arising from any one accident; and (vii) liability for damage to the water taxi or to property owned by or in control of those insured. (2) Notwithstanding anything in any enactment, rule of law or the common law, an insurer under this section shall be liable to indemnify the person or classes of persons specified in the policy in respect of any liability which the policy purports to cover in the case of that person or classes of persons. (3) A policy shall be of no effect for the purposes of these Regulations unless there is issued by the insurer in favour of the person by whom the policy is effected, a certificate of insurance containing the particulars of any conditions subject to which the policy is issued and of any other matters as may be prescribed, and different forms and different particulars may be prescribed in relation to different cases or circumstances. 105 (4) For the purposes of this regulation “employee”' means, a person in the course of employment of another person.