Commonwealth Consolidated Acts

MARINE INSURANCE ACT 1909 - SECT 13

(1)

A defeasible interest is insurable, as also is a contingent interest.

(2)

In particular, where the buyer of goods has insured them, he has an insurable interest, notwithstanding that he might, at his election, have rejected the goods, or have treated them as at the seller's risk, by reason of the latter's delay in making delivery or otherwise.