DESTINI BANGSAKU (LEGAL DISCOURSE)

n   Life insurance: Requiring interest at the time a policy is effected. Dalby v India & London Life Assurance CO [1854]139 ER 465 n   Marine insurance: As marine policies are contracts of indemnity, the insured must possess an insurable interest at the date of the loss. n   Property: at the date of the loss.

n   Possibility that the assured is doing no more than wagering with the insurer on the continued safety of the insured subject matter. n   An insured that stands to benefit from early destruction of what has been insured will be tempted to take steps to bring about such early destruction .   THE DEFINITION OF INSURABLE INTEREST n   The root decision is that given by Lawrence J in Lucena v. Craufurd and Others [1806] 2 Bos & Pul (NR) 269 n     the Commissioners of Admiralty had taken possession of a Dutch ship during the Napoleonic Wars and wished to insure it for its voyage home from St Helena to England. The House of Lords was ultimately required to decide whether the Commissioners had sufficient insurable interest to support such a policy n   "...a man must somehow or other be interested in the preservation of the subject matter exposed to perils...a man is interested in a thing to whom advantage may arise or prejudice may happen from the cir...