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IC Sec 1880-1886 Insurable Interests Peculiar to Marine Insurance (THE MARINE CONTRACT)
1880. The owner of a ship has in all cases an insurable interest in
it, even when it has been chartered by one who agrees to pay him its
value in case of loss.
1881. The insurable interest of the owner of a ship hypothecated by
bottomry is only the excess of its value over the amount secured by
1882. Freightage, in marine insurance, signifies all the benefit
derived by the owner, either from the chartering of the ship or its
employment for the carriage of his own goods or those of others.
1883. The owner of a ship has an insurable interest in expected
freightage which he would have certainly earned but for the
intervention of a peril insured against.
1884. The interest mentioned in the last section exists, in the
case of a charter party, when the ship has broken ground on the
chartered voyage. If a price is to be paid for the carriage of goods
it exists when they are actually on board, or there is some contract
for putting them on board, and both ship and goods are ready for the
1885. In marine insurance, a person who has an interest in the
thing from which profits are expected to proceed, has an insurable
interest in the profits.
1886. The charterer of a ship has an insurable interest in it, to
the extent that he is liable to be damaged by its loss.