law: Marine Insurance Act, 1963 
  16. Quantum of interest
  (1) Where the subject-matter
  
  insured is mortgaged, the mortgagor has an insurable interest in the full value
  
  thereof, and the mortgagee has an insurable interest in respect of any sum due
  
  or to become due under the mortgage.
  (2) A mortgagee,
  
  consignee, or other person having an interest in the subject-matter insured may
  
  insure on behalf and for the benefit of other persons interested as well as for
  
  his own benefit.
  (3) The owner of
  
  insurable property has an insurable interest in respect of the full value
  
  thereof, notwithstanding that some third person may have agreed, or be liable
  
  to indemnify him in case of loss.