Commonwealth Consolidated Acts

MARINE INSURANCE ACT 1909 - SECT 10

             (1)  Every contract of marine insurance by way of gaming or wagering is void.

             (2)  A contract of marine insurance is deemed to be a gaming or wagering contract:

                     (a)  where the assured has not an insurable interest as defined by this Act, and the contract is entered into with no expectation of acquiring such an interest; or

                     (b)  where the policy is made interest or no interest , or without further proof of interest than the policy itself , or without benefit of salvage to the insurer , or subject to any other like term:

Provided that, where there is no possibility of salvage, a policy may be effected without benefit of salvage to the insurer.