Section 9
Defeasible or contingent interest.
The Marine Insurance Act, 1963
About this Act
An Act to codify the law relating to marine insurance.
(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 sellers risk, by reason of the latter's delay in making delivery or otherwise.
(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 sellers risk, by reason of the latter's delay in making delivery or otherwise.