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MARINE INSURANCE ACT 1906 - SECT 6 

When interest must attach.

6.(1) The assured must be interested in the subject-matter insured at the time
of the loss though he need not be interested when the insurance is effected:

Provided that where the subject-matter is insured "lost or not lost," the
assured may recover although he may not have acquired his interest until after
the loss, unless at the time of effecting the contract of insurance the
assured was aware of the loss, and the insurer was not.

(2) Where the assured has no interest at the time of the loss, he cannot
acquire interest by any act or election after he is aware of the loss.

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© 1906 Crown Copyright

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