THE PRINCIPLE OF INSURABLE INTEREST IN THE CONTEXT OF MARINE INSURANCE
Keywords:
Marine Insurance, InsuranceAbstract
The paper addresses the concept of insurable interest in marine insurance. This subject matter is of importance as it is one of the most popularly disputed issues in admiralty marine law litigation in India. The paper begins by elucidating the principle of insurable interest in general and its compulsory requirement in insurance agreements. The concept of insurable interest in marine insurance is analysed in detail along with a sub topic on the time period at which insurable interest should be present in any insurance transaction. The paper concludes by stating the importance of insurable interest in the field of marine insurance and how the law governing the same is comprehensive in the present day scenario of marine trade and does not require any changes or relaxations.
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