One having no interest in the ship, lends andpound;300 on a bottomry bond, and insures andpound;450 on the ship ; policy decreed to be delivered up. — One having no interest in a ship insures it, the insurance is void, though the policy runs, interest or no interest. But if he is interested in the ship, he may insure more than the value of his interest. Where one insures a ship, if he would have any benefit of the insurance, he must renounce his interest in the ship.
Citations:
[1692] EngR 46, (1692) 2 Vern 269, (1692) 23 ER 774 (A)
Links:
Insurance, Transport
Updated: 07 May 2022; Ref: scu.393135