that the policy will lapse on transfer as there is no insurable interest of the assured on such transfer. (Vide Culab Bai Damodar Tapse ... policy comes to an end as the transferor loses his insurable interest. Most of these cases followed the three judgments of Courts of England including
loaded on to the ship leaving the exporter with no insurable
interest in the consignment.
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5. The Commission received three affidavits as evidence ... person has an insurable interest who is
interested in a marine adventure.
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(2) In particular a person is interested in a
marine adventure where
found that the plaintiff had an interest in the
property, the said interest would definitely be insurable and the
defendant has also not shown ... interest of the assured in the subject-matter of
insurance, not the legal interest only, but the beneficial
interest.
Thus it follow that insurable interest
interest in the life insured, which is the essence of a valid contract of a life insurance policy. Insurable interest, it is submitted ... long as the transferees interest exists, she has the whole interest and when the defesance clause comes into operation, the interest of the person
such an
interest; or
(b) where the policy is made "interest or no
interest", or "without further proof of interest than
the policy ... insurable property at risk therein, in
consequence of which, he may benefit by due arrival of insurable
property and may incur insurable interest
interest on that sum by virtue of any enactment
relating to interest on judgments.
(2) No sum shall be payable by an insurer under ... then dealt with the issue as to what would be the
insurable interest of the owner. Elaborating on this aspect, the learned
Judge observed
interest on that sum by virtue of any enactment
relating to interest on judgments.
(2) No sum shall be payable by an insurer under ... then dealt with the issue as to what would be the
insurable interest of the owner. Elaborating on this aspect, the learned
Judge observed
preservation of the insured property. If the Insured would suffer
loss or derive benefit, he would be having an insurable interest in the
subject matter ... claim under any insurance policy
can be paid unless the insured has the insurable interest in the property
covered under the policy. Hence, the second
plaintiff no.2. The plaintiff no.1, therefore, had no insurable interest in the
consignment on that date and was not entitled to insure ... subject to the terms and conditions of the policy besides the
insurable interest of the persons taking the policy at the time of the
insurance
order to sustain a claim for marine insurance the
insured must possess requisite insurable interest in the goods at the
relevant point of time ... respect thereof.
8. When interest must attach.-(1) The assured must be interested in
the subject-matter insured at the time of the loss, though
