Insurable Interest: As Intended?

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dc.contributor.author Nicoll, Christopher en
dc.date.accessioned 2012-04-19T19:43:10Z en
dc.date.issued 2008 en
dc.identifier.citation Journal of Business Law 2008(5):432-447 2008 en
dc.identifier.issn 0021-9460 en
dc.identifier.uri http://hdl.handle.net/2292/17407 en
dc.description.abstract On January 14,2008, the Law Commissions published! Issues Paper No.4 which covers insurable interest as part of a programme to reform UK insurance law. In doing so they noted, with respect to indemnity insurance, the accidental effect of the Gambling Act 2005 which came into force on September 1, 2007 and appears to circumvent the statutory requirement for an insurable interest in this category of insurance. That result, surprising as it has ramifications not debated at the time, comes about in this way. By s.4(2) of the Marine Insurance Act 1906 a contract of marine insurance is still deemed to be a gaming or wagering contract if there is no insurable interest or expectation of gaining an insurable interest and by s.4(l) it is void. Furthermore, under the Marine Insurance (Gambling Policies) Act 1909, it is a criminal offence to take out a marine policy without an insurable interest. By s.18 of the Gaming Act 1845 other indemnity insurances were void if an insurable interest was lacking although there was no criminal sanction attached. Now, since the Gambling Act 2005 and its repeal of s.18 of the Gaming Act 1845, the fact that a contract relates to gambling does not prevent its enforcement. In summary, for indemnity insurance other than marine the lack of an insurable interest will not render the contract unenforceable. The same is arguably so of a marine insurance although, as it remains a criminal offence to take out a contract of marine insurance without interest, a fair, large and liberal construction of the relevant legislation as a whole makes this doubtful. Was this result serendipitous or is it likely to cause problems? If the former, should the 1909 Act be repealed to put marine insurance on the same footing as other indemnity policies? .... en
dc.publisher Sweet & Maxwell and contributors en
dc.relation.ispartofseries Journal of Business Law en
dc.rights Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. Details obtained from http://www.sherpa.ac.uk/romeo/issn/0021-9460/ en
dc.rights.uri https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm en
dc.title Insurable Interest: As Intended? en
dc.type Journal Article en
pubs.issue 5 en
pubs.begin-page 432 en
pubs.volume 2008 en
dc.rights.holder Copyright: Sweet & Maxwell and contributors en
pubs.end-page 447 en
pubs.publication-status Published en
dc.rights.accessrights http://purl.org/eprint/accessRights/RestrictedAccess en
pubs.subtype Article en
pubs.elements-id 79746 en
pubs.org-id Business and Economics en
pubs.org-id Commercial Law en
pubs.record-created-at-source-date 2010-09-01 en


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