The correct answer is option 1, which states that statements 1 and 3 are correct.

Statement 1: "Aluminium paint is fairly good heat-resistant." This statement is correct. Aluminium paint has good heat resistance properties, making it suitable for use on surfaces that are exposed to high temperatures. It can help protect the underlying material from heat damage.

Statement 2: "Aluminium paint possesses good electrical resistance." This statement is not mentioned in the question, so we cannot determine its accuracy. However, it is important to note that aluminium is a good conductor of electricity, so it is unlikely that aluminium paint would possess good electrical resistance.

Statement 3: "Aluminium paint cannot be used for hot water pipes." This statement is correct. Aluminium paint is not recommended for use on surfaces that come into direct contact with hot water, as it may not withstand the high temperatures and could peel or lose its effectiveness.

Therefore, based on the given information, option 1 is the correct answer.