No policy of insurance issued or delivered in this state covering any loss, expense, or liability arising out of the ownership, maintenance, or use of an aircraft shall exclude or deny coverage because the aircraft is operated in violation of federal or civil air regulations, or any state law or local ordinance. This section does not prohibit the use of specific exclusions or conditions in any such policy which relate to any of the following:
I. Certification of an aircraft in a stated category by the federal aviation administration;
II. Certification of a pilot in a stated category by the federal aviation administration;
III. Establishing requirements for pilot experience;
IV. Establishing limitations on the use of the aircraft.