ABSTRACT
This chapter discusses only insurable interest in the context of indemnity insurance. The Gambling Act 2005 was adopted to regulate certain types of licensed gambling activities. Gambling contracts that relate to those activities can be enforced at law. The ships with the cargoes were lost before arrival in the United Kingdom, and the commissioners brought an action upon the policy. Pervasive interest may be found in commercial contracts as a matter of commercial convenience. In Petrofina v Magnaload Lloyd J held that it is a matter of convenience to allow the head contractor to take out a single policy covering the whole risk, including all contractors and sub-contractors in respect of loss of or damage to the entire contract works. Macaura was distinguished in Sharp v Sphere Drake Insurance where the assured was held to have had valuable benefit on the subject matter insured, which was sufficient to prove insurable interest.
