This Division applies to a contract of insurance—
(a) that insures—
(i) property in the Territory as well as property in another place; or
(ii) a risk, contingency or event concerning an act or omission that, in the normal course of events, may occur within, or partly within, the Territory as well as within, or partly within, another place;
or both; or
(b) that insures—
(i) lives; or
(ii) any event or contingency relating to or depending on lives;
or both, of persons whose principal places of residence are variously in the Territory or another place at the time the policy is issued.