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Marine Insurance Act, 1963

53. Assured who has no interest can not assign

Where the assured has parted with or lost his interest in the subject-matter insured, and has not, before or at the time of so doing expressly or impliedly agreed to assign the policy, any subsequent assignment of the policy is inoperative:

Provided that nothing in this section affects the assignment of a policy after loss.

Marine Insurance Act, 1963 Back

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