1964 Ed.]
Marine Insurance,
[CAP. 329
7. (1) A defeasible interest is insurable, as also is a contingent interest.
(2) In particular, where the buyer of goods has insured them, he has 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.
8. A partial interest of any nature is insurable.
9. (1) The insurer under a contract of marine insurance has an 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.
10. The lender of money on bottomry or respondentia has an insurable interest in respect of the loan.
11. The master or any member of the crew of a ship has an insurable interest in respect of his wages.
12. In the case of advance freight, the person advancing the freight has an insurable interest, in so far as such freight is not repayable in case of loss.
13. The assured has an insurable interest in the charges of any insurance which he may effect.
14. (1) Where the subject-matter insured is mortgaged, the mortgagor has an insurable interest in the full value thereof, and the mortgagee has an insurable interest in respect of any sum due or to become due under the mortgage.
(2) A mortgagee, consignee, or other person having an interest in the subject-matter insured may insure on behalf and for the benefit of other persons interested as well as for his own benefit.
(3) The owner of insurable property has an insurable interest in respect of the full value thereof, notwithstanding that some third person may have agreed, or be liable, to indemnify him in case of loss.
15. Where the assured assigns or otherwise parts with his interest in the subject-matter insured, he does not thereby transfer to the assignee his rights under the contract of insurance, unless there be an express or implied agreement with the assignee to that effect.
But the provisions of this section do not affect a transmission of interest by operation of law.
Defeasible or contingent interest.
6 Edw. 7 c. 41, s. 7.
Partial interest.
6 Edw. 7 c. 41, s. 8.
Re-insurance.
6 Edw. 7 c. 41, s. 9.
Bottomry.
6 Edw. 7 c. 41, s. 10.
Master's and seamen's wages.
6 Edw. 7 c. 41, s. 11.
Advance freight.
6 Edw. 7 c. 41, s. 12.
Charges of insurance.
6 Edw. 7 c. 41, s. 13.
Quantum of interest.
6 Edw. 7 c. 41, s. 14.
Assignment of interest.
6 Edw. 7 c. 41, s. 15.
7
1964 Ed.]
Marine Insurance,
[CAP. 329
7. (1) A defeasible interest is insurable, as also is a con- tingent interest.
(2) In particular, where the buyer of goods has insured them, he has 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.
8. A partial interest of any nature is insurable.
9. (1) The insurer under a contract of marine insurance has an 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.
10. The lender of money on bottomry or respondentia has an insurable interest in respect of the loan.
11. The master or any member of the crew of a ship has an insurable interest in respect of his wages.
12. In the case of advance freight, the person advancing the freight has an insurable interest, in so far as such freight is not repayable in case of loss.
13. The assured has an insurable interest in the charges of any insurance which he may effect.
14. (1) Where the subject-matter insured is mortgaged, the mortgagor has an insurable interest in the full value thereof, and the mortgagee has an insurable interest in respect of any sum due or to become due under the mortgage.
(2) A mortgagee, consignee, or other person having an interest in the subject-matter insured may insure on behalf and for the benefit of other persons interested as well as for his own benefit. (3) The owner of insurable property has an insurable interest in respect of the full value thereof, notwithstanding that some third person may have agreed, or be liable, to indemnify him in case of loss.
15. Where the assured assigns or otherwise parts with his interest in the subject-matter insured, he does not thereby transfer to the assignee his rights under the contract of insurance, unless there be an express or implied agreement with the assignee to that effect.
But the provisions of this section do not affect a transmission of interest by operation of law.
Defeasible or contingent interest.
6 Edw. 7 c. 41,
5. 7.
Partial interest.
6 Edw. 7 c. 41. s. 8.
Re-insurance.
6 Edw. 7 c. 41, s. 9.
Bottomry.
6 Edw. 7 c. 41, s. 10.
Master's and seamen's wages. 6 Edw. 7 c. 41, s. 11.
Advance freight.
6 Edw. 7 c. 41, s. 12.
Charges of insurance.
6 Edw. 7 c. 41, s. 13.
Quantum of interest.
6 Edw. 7 c. 41. s. 14.
Assignment of interest.
6 Edw. 7 c. 41,
s. 15.
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