Statutory conditions – clause which may limit amount payable
128A contract containing
(a)
a deductible clause,
(b)
a co-insurance, average or similar clause, or
(c)
a clause limiting recovery by the insured to a specified percentage of the value of any property insured at the time of loss, whether or not that clause is conditional or unconditional,
shall have printed or stamped upon its face in red ink, or in bold print of not less than 12 point size, the words “This policy contains a clause which may limit the amount payable”, and unless those words are so printed or stamped the clause is not binding upon the insured.