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Report No. 21

6. Insurable interest defined.-

(1) Subject to the provisions of this Act, every person 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 legal 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.

Explanation.-For the purposes of this section, a beneficiary under a trust shall be deemed to stand in legal relation to the trust-property at risk in a marine adventure.

[Cf. section 5, English Act]

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