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"The present concept of insurable interest has worked tolerably well in marine insurance. This makes it difficult to support a case for radical reform of s. 5 of the Marine Insurance Act (MIA) 1906."Do you agree?
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"Despite causing difficulties occasionally, the present concept of insurable interest has worked tolerably well in marine insurance. This makes it difficult to support a case for radical reform of s. 5 of the Marine Insurance Act (MIA) 1906." Do you agree? Introduction: The marine insurance contract is defined as a contract whereby "the insurer undertakes to indemnify the assured in manner and to the extent thereby agreed against marine losses"1. In order to be able to rely on such a marine insurance policy, the assured must be able to show that he has an insurable interest in the goods as seemingly it is a precondition to suffering a loss. Moreover, there will be an insurable interest if the assured "stands in any legal or equitable relation to the adventure or to any insurable property at risk therein, in consequence of which he may benefit by the safety or due arrival of...
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