law: Marine Insurance Act, 1963 
  9. Defensible or contingent interest 
  (1) A defensible
  
  interest is insurable, as also is a contingent interest.
  (2) In particular,
  
  where the buyer of goods has insured them, he has an insurable interest,
  
  notwithstanding that he might, at his election, have rejected the goods, or
  
  have treated them as at the seller's risk, by reason of the latter's delay in
  
  making delivery or otherwise.