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MARINE INSURANCE ACT 1906 - SECT 4

4.(1) Every contract of marine insurance by way of gaming or wagering is void.

(2) A contract of marine insurance is deemed to be a gaming or wagering
contract

(a)Where the assured has not an insurable interest as defined by this Act, and
the contract is entered into with no expectation of acquiring such an
interest; or

(b)Where the policy is made "interest or no interest," or "without further
proof of interest than the policy itself," or "without benefit of salvage to
the insurer," or subject to any other like term:

Provided that, where there is no possibility of salvage, a policy may be
effected without benefit of salvage to the insurer.

© 1906 Crown Copyright

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