law: Marine Insurance Act, 1963 
  7. Insurable interest defined 
  (1) Subject to the
  
  provisions of this Act, every person has an insurable interest who is
  
  interested in a marine adventure.
  (2) In particular a
  
  person is interested in a marine adventure where he stands in any legal or equitable
  
  relation to the adventure or to any insurable property at risk therein, in
  
  consequence of which he may benefit by the safety or due arrival of insurable
  
  property, or may be prejudiced by its loss, or by damage thereto, or by the
  
  detention thereof, or may incur liability in respect thereof.