Marine Insurance Act : Defeasible or contingent interest. Indian Bare Acts :

Marine Insurance Act,1963

Act No : 11

Section : Defeasible or contingent interest.

9. Defeasible or contingent interest. (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.