253(1)A contract or part of a contract providing insurance against loss of or damage to an automobile and the loss of use thereof may contain a clause to the effect that, in the event of loss, the insurer shall pay only,
(a)
an agreed portion of any loss that may be sustained, or
(b)
the amount of the loss after deduction of a sum specified in the policy,
and in either case not exceeding the amount of the insurance.
253(2)Where a clause is inserted in accordance with subsection (1), there shall be printed or stamped upon the face of the policy in conspicuous type the words: “This policy contains a partial payment of loss clause”.