Marine adventure
and mariúme perila defoed.
Avoidance of Wagering or gaming contracts.
losses on inland waters or on any land risk which may be incidental to any sea voyage.
(3) Where a ship in course of building, or the launch of a ship, or any adventure analogous to a marine adventure, is covered by a policy in the form of a marine policy, the provisions of this Ordinance, in so far as applicable, shall apply thereto; but, except as by this section provided, nothing in this Ordinance shall alter or affect any rule of law applicable to any contract of insurance other than a con- tract of marine insurance as by this Ordinance defined.
3. (1) Subject to the provisions of this Ordinance, every lawful marine adventure may be the subject of a contract of marine insurance.
(2) la particular there is a marine adventure where— (a) any ship goods or other moveables are exposed to maritime peril. Such property is in this Ordinance referred to as "insur- able property":
(b) the earning or acquisition of any freight, passage money, com- mission, profit, or other pecuniary benefit, or the security for any advances, loan, or disbursements;' is endangered by the exposure of insurable property to maritime perils:
(c) any liability to a third party may be incurred by the owner of, or other person interested in or responsible for, insurable property, by reason of maritime perils.
(3) For the purposes of this Ordinance, “maritime perils" means the perils consequent on, or incidental to, the navigation of the sea, that is to say, perils of the seas, fire, war perils, pirates, rovers, thieves, captures, seizures, restraints, and detainments of princes and peoples. jettisons, barratry, and any other perila, either of the like kind or which may be designated by the policy.
Insurable Interest.
4. (1) Every contract of marine insurance by way of gaming of wagering is void.
(2) A contract of marine insurance is deemed to be a gaming or wagering contract-
(a) where the assured has not an insurable interest as defined by this Ordinance, and the contract is entered into with no expectation of acquiring such an interest: or
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(6) where the policy is made "interest or no interest", or "without further proof of interest than the policy itself", or "withoul benefit of salvage to the insurer", or subject to any other like term:
Provided that, where there is no possibility of salvage, a policy may be effected without benefit of salvage to the insurer.
5. (1) Subject to the provisions of this Ordinance, every person Insurable has an insurable interest who is interested in a marine adventure.
(2) In particular a person is interested in a marine adventure where he stands in any legal or equitable relation to the adventure or to any insurable property at risk therein, in consequence of which he may benefit by the safety or due arrival of insurable property, or may be prejudiced by its loss, or by damage thereto, or by the detention thereof, or may incur liability in respect thereof,
interest defined.
6. (1) The assured must be interested in the subject matter when interest insured at the time of the loss though he need not be interested when must attack. the insurance is effected:
Provided that where the subject matter is insured "lost or not lost", the assured may recover although he may not have acquired his interest until after the loss, unless at the time of effecting the contract of insurance the assured was aware of the loss, and the insurer was not. (2) Where the assured bas no interest at the time of the loss, be cannot acquire interest by any act or election after he is aware of the loss.
7. (1) A defeasible interest is insurable, as also is a contingent Defeasible interest.
or contingent interest.
(2) In particular, where the buyer of goods bas insured them, he bas an insurable interest, notwithstanding that he might, at his election. have rejected the goods, or have treated them as at the seller's risk, by reason of the latter's delay in making delivery or otherwise.
A partial interest of any nature is insurable.
Partiul interest.
9. (1) The insurer under a contract of marine insurance has an Re-insurance. insurable interest in his risk, and may re-insure in respect of it.
(2) Unless the policy otherwise provides, the original assured has
no right or interest in respect of such re-insurance.