Lost policy

(1) Where– (a) the holder of a policy; or (b) a person claiming the benefit of the provisions of section 129 or 130 in respect of a policy, claims that the policy (in this section referred to as “the original policy”) is lost or has been destroyed, the company liable under the original policy may, subject to this section, upon application by the holder or that person and upon such evidence as to the loss or destruction of the original policy as the company thinks sufficient, issue to the applicant a special policy in substitution for the original policy.