ABSTRACT
Provided that, where there is no possibility of salvage, a policy may be effected without benefit of salvage to the insurer.
5. 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
any legal or equitable 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.
