ARTICLE 1. Insurable Interests Peculiar to Marine Insurance [1880. - 1886.]

Article 1 enacted by Stats. 1935, Ch. 145.

§§ 1880–1886 · 7 sections

• § 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 bottomry.
• § 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…
• § 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…
• § 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.