(1) The insurer under a contract of marine insurance has an insurable interest in his risk, and may reinsure in respect of it.
(2) Unless the policy otherwise provides, the original assured has no right or interest in respect of such reinsurance.
(2) Unless the policy otherwise provides, the original assured has no right or interest in respect of such reinsurance.
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Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Marine insurance defined.Section 4 · Mixed sea and land risks.Section 5 · Lawful marine adventure.Section 6 · Avoidance of wagering contracts.Section 7 · Insurable interest defined.Section 8 · When interest must attach.India Code, Government of India. Text fetched 25 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.