Insurable Interest and the Indemnity Principle

This section embodies the principle of indemnity and is not affected by the Gambling Act 2005.9 In parallel with the 1906 Act, the revised Institute Cargo Clauses have retained, in Clause 11, an express contractual requirement for an insurable interest, as follows:

‘‘11.1 In order to recover under this insurance the Assured must have an insurable interest in the subject-matter insured at the time of the loss.’’