law: Marine Insurance Act, 1963 
  8. When interest must attach 
  (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.