law: Marine Insurance Act, 1963 
  53. Assured who has no interest can not assign 
  Where the assured has
  
  parted with or lost his interest in the subject-matter insured, and has not,
  
  before or at the time of so doing expressly or impliedly agreed to assign the
  
  policy, any subsequent assignment of the policy is inoperative:
  Provided that nothing in this
  
  section affects the assignment of a policy after loss.