Paragraph 4

A policy shall not by virtue of this Schedule be required—

(a)

to cover liability in respect of the death, arising out of and in the course of his employment, of a person in the employment of a person insured by the policy or of bodily injury sustained by such a person arising out of and in the course of his employment;

(b)

in the case of a policy required under section 14(2), to cover liability in respect of—

(i)

damage to the vessel to which the policy relates;

(ii)

goods carried on or in the vessel to which the policy relates, or any vessel drawn or propelled by such vessel;

(c)

in the case of a policy required under section 27(6)(a), to cover liability in respect of damage to any water skis, wake board or other equipment used in connection with water skiing or wake boarding;

(d)

to cover any liability of a person in respect of damage to property in his custody or under his control;

(e)

to cover any contractual liability; or

(f)

to provide cover in respect of any one accident for a sum in excess of such sum as may for the time being be prescribed by the Authority for the purposes of this paragraph.