MARINE INSURANCE ACT 1909 - SECT 20 Quantum of interest
MARINE INSURANCE ACT 1909 - SECT 20
Quantum of interest(1) Where the subject - matter insured is mortgaged, the mortgagor has an insurable interest in the full value thereof, and the mortgagee has an insurable interest in respect of any sum due or to become due under the mortgage.
(2) A mortgagee, consignee, or other person having an interest in the subject - matter insured may insure on behalf and for the benefit of other persons interested as well as for his or her own benefit.
(3) The owner of insurable property has an insurable interest in
respect of the full value thereof, notwithstanding that some third person may
have agreed, or be liable, to indemnify him or her in case of loss.