Court : Andhra Pradesh
Reported in : 1(1986)ACC501
..... of the act. till he complies with the requirement of section 31 of the act the public liability will not cease and that constitutes the insurable interest to keep the policy alive in respect of the third party risks are concerned. it must be deemed that the transferor allowed the purchaser to ..... liable to be prosecuted under section 112 for not notifying the transfer, we are clearly of the opinion such statutory liability makes him to retain the insurable interest as the liability subsists till he discharges the statutory obligations. we disagree with the view expressed in (1972) 1 aplj 249.53. we shall presently ..... any vehicles whether or not he had any insurable interest in them. accordingly, as it seems to me, those cases are not, at any rate directly, relevant and the justices' reasoning was wrong.(italics supplied ..... referred to, the policy is in respect of third party risks only and, accordingly, that there is no necessity for the assured to have any insurable interest in the vehicle. he could in law at any rate, and possibly in practice, be able to get cover against damage caused by his driving of ..... existence of it alone, as that a loss of the property will cause pecuniary damage to the holder of the right against it, he has an insurable interest.42. a still more comprehensive definition given by lawrence, j. noted by the editors of the fourth edition of halsbury's law of england, at .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1953Bom61; (1952)54BOMLR773
..... entrusted them with the goods.' these learned judges are upholding the right of the assured to recover the whole value from the insurers, because of their insurable interest either on the ground of lien or responsibility, the apportionment of what recovered being left to be settled between bailor and bailee, the bailees ..... in a policy such as this on merchandise, the right to recover must be based on an insurable interest in the goods themselves, whether a special property like a lien, or the general property, or some other insurable interest, such as liability in case of loss of the goods. the position of the warehousemen is well ..... owner's general proprietary interest. such an insurance effected by a commercial trustee is one which is effected 'prima facie' on his own behalf and on his own insurable interest, and not as agent for or on behalf of the owner of the goods, ..... respect of which the assured is not legally liable. but these words do not have the effect of excluding from the cover the insured's own lien or interest in the property insured which is included both in the words 'property of the in-sured' as also in the words 'held by him in trust ..... author continues (p. 328):'the words 'held by him in trust or on commission, cover the goods entrusted to him. and insure them both in respect of his own personal interest to be indemnified against any liability to the owner in the event of their loss or damages and also in respect of the .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1951Bom347; (1950)52BOMLR703
..... bags of cocoanuts he similarly incurred costs, charges and expenses to the extent of es. 128-12-6. if nothing more, the plaintiff had an insurable interest in these goods to the extent of rs. 347-5-0 and rs. 128-12-6. this is sufficient to bring the case of the plaintiff ..... claim which he prosecuted against them. 8. on a consideration of these rival contentions i have come to the conclusion that the plaintiff had an insurable interest in the goods at the time when the policy was effected as also at the date of the loss. no doubt the authorities which have been ..... 1216) : 'the learned counsel for the defendants in support of his contention cited several passages from the encyclopaedia of the laws of england on the subject of insurable interest. the passage which was not cited and which i think correctly summarizes the authorities on the subject is at p. 587 of vol. viii of the encyclopaedia ..... assured.' relying upon these authorities mr. shelat submitted that on the facts of this case as established on the evidence tendered before me the plaintiff had no insurable interest in the goods the subject-matter of the suit policy. 3. mr. hathi, on the other hand, drew my attention to other passages from halsbury' ..... l. j. c. p. 172 : 'we are not aware that it has ever been held that a mere agent, without possession or lieu, has an insurable interest to the extent of the value of the goods simply because his name appears in the bill of lading instead of that of his principal ; and the general rule .....Tag this Judgment!
Court : Mumbai
Reported in : 2007(3)ALLMR462; 2007(3)BomCR98; (2007)109BOMLR559; 79SCL583(Bom)
..... dividends. the proceedings were initiated at the instance of the heirs of butterworth. one of the contentions urged was that tarlton trust had no insurable interest in butterworth and that tarlton trust was engaged in a wager transaction contrary to public policy. the court stated thus:simply stated, it is ..... court had held 'on the other hand it has been decided that a valid policy is not avoided by the cessation of the insurable interest, even as against the insurer, unless so provided by the policy itself.' the court then noted that the law in england and the preponderance of decisions of ..... it be not done by way of cover for a wager policy....' learned counsel for the respondent corporation, therefore contends that there must be an insurable interest in the assignee and the assignment should not be by way of wager. reliance for that is placed in the judgment in basil f. ..... condemned as being against the public policy. the assignments which the petitioners seek to register are mere wagering contracts in the absence of any insurable interest in the lives assured and such contracts are expressly declared to be null and void under section 30 of the indian contract act. the major ..... loans and advances taken by the policy holders. in the case of a bank, which advances a loan against a life insurance policy, the bank/financial institution has insurable interest in the continuance of the life of the assured since the responsibility for paying premium continues with the policy holders and .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 2000(1)ALD189; 1999(6)ALT231; 103CompCas58(AP)
..... so circumstanced with respect to it as to have benefit from the existence, prejudice from its destruction.' 'only those can recover who have an insurable interest and they can recover only to the extent to which that insurable interest is damaged by the loss. in the course of the argument it has been sought to establish a distinction between a fire policy and a ..... . on the basis of the above contentions the following issues arise for our consideration :(1) whether the premise that was insured under the fire policy is d no.90/a or d no.90. (2) whether the insured has an insurable interest in the premises insured. (3) whether the failure to disclose the pendency of the litigation amounts to suppression of material facts. (4) whether ..... not 90, there is no reason why the said finding is to be disturbed.11. as regards the insurable interest the learned counsel for the respondent submitted that he has an interest in the property viz., lease hold interest which he has mortgaged and that the interest was insured under the fire policy, therefore when the property was demolished he is entitled for the entire amount ..... enjoy peaceful possession of the premises which he has taken on lease is an interest and it can be said that he is has insurable interest in the property. we, therefore, are of the view that the lease hold interest of a lessee is an insurable interest in the property that is insured.19. the next question that arises for consideration is whether there is any suppression .....Tag this Judgment!
Court : Madhya Pradesh
Reported in : 2000ACJ405; 101CompCas451(MP); 2000(2)MPLJ506
..... as the third party risksare concerned so long the obligations under the statute are not fulfilled, as contemplated under section 31 read with section 94, he continues to have the insurable interest till such obligations are fulfilled.'9. the aforesaid view was approved in the case of complete insulations (p.) ltd.  1 scc 221 ;  88 comp cas 366. with the ..... view expressed by various high courts that on the sale of the vehicle, the insurable interest ceases and the policy lapses. we agree that any claim of the transferee in respect of his property and his person cannot be enforced against the ..... the policy stands.'8. the court further proceeded to rule as under (page 788) :'thus, we are clearly fortified in our view that the insurable interest in the property is not necessary in the case of public liability insurance. the test is whether the liability under the statute ceased or not notwithstanding the passing of title and hence we respectfully dissent from the ..... objection certificate under section 31 read with section 94, would make the original owner retain the insurable interest. the insurable interest in this case is not the proprietary interest but the public liability, not to run the vehicle or cause or allow any person to run the vehicle without insurance and also to notify the transfer of such vehicle to the registering authority. so long as .....Tag this Judgment!
Court : Madhya Pradesh
Reported in : 1997ACJ1383
..... transfer in the name of the earlier owner would not enure to the benefit of the subsequent owner because on the date of the policy the earlier owner had no insurable interest. after hearing the parties and recording evidence, the learned trial court, holding that the accident was the result of rash and negligent act held that mohan lal was entitled ..... be good for nothing. the said insured would not be entitled to any protection or a transferee from him ..... that the agreement of insurance is between the parties, i.e., the insured and the insurer. the insurer has certainly to fulfil the terms when it accepts the premium and undertakes to indemnify the insured. he submitted that while taking the insurance policy, the person taking the policy must have some insurable interest and if a person did not have any insurable interest, then the insurance policy would in fact ..... the property. her title is absolutely extinct. her right to possess the property is lost and the interest, which for the purposes of this appeal would be taken as insurable interest, would also come to an end. a person can obtain an insurance policy provided he is a registered owner or is the true owner or he is a person who because of .....Tag this Judgment!
Court : Orissa
Reported in : 1994(I)OLR88
..... from its destruction' per lawrence, j., lucana v. craufurd, 2 bos. and p. (n.r.) at 302). an insurable interest does not mean a perfect legal interest. but a right arising from a contract which is void affords no insurable interest because no interest of any kind is created thereby. the incidence of good faith is caused as the law presumes that the assured ..... enable him to effect a valid insurance. 'to be interested in the preservation of a thing, is to be so circumstanced ..... an anxiety, and a purely sentimental interest would not be enough. the third great principle is that of good faith, of uberrimae fidely the assured must disclose to the insurer all material facts. unless the risk has attached, the contract of insurance is not enforceable. an insurable interest is that interest which the law requires a person to have to ..... therefore, indemnity is the first principle of insurance. the second great principle is that the assured must have an insurable interest, i.e., to effect a valid contract of insurance the assured must have something at stake, something to lose by the happening of the peril insured against. the interest, to be capable of substantiating an insurance must be something more than an expectation or .....Tag this Judgment!
Court : Supreme Court of India
Reported in : 2010(2)SCALE148
..... be so circumstanced with respect to it as to have benefit from its existence, prejudice from its destruction. 16. dealing with the question whether the seller of goods retains any insurable interest, halsbury explains:when, however, the property which is the subject matter of the contract of sale has completely passed from the seller to the buyer or when it has under ..... , 1906 enacted by the british parliament are in pari material with those contained in the indian act. the former is in fact a precursor to the latter. the definition of 'insurable interest' given in the english legislation is the same as the one given in section 7 of our enactment. judicial pronouncements by english courts would, therefore, be both relevant and helpful ..... -fold submission was advanced before us. firstly, it was contended that since the transaction between the exporter and the purchaser in spain was on fob basis, the exporter had no insurable interest in the goods once the same were delivered to the carrier. it was argued that in a fob transaction the property in goods stands transferred to the purchaser no sooner ..... was clean. the company asserted that the liability of the seller came to an end no sooner the consignment was loaded on to the ship leaving the exporter with no insurable interest in the consignment.5. the commission received three affidavits as evidence one filed by the exporter, the second by carrier while the third was filed by mr. ramesh goyal, senior .....Tag this Judgment!
Court : Supreme Court of India
Reported in : I(1999)ACC483; 1999ACJ781; AIR1999SC1398; (1999)3CALLT34(SC); 97CompCas443(SC); 1999(2)CTC473; JT1999(2)SC622; (1999)122PLR274; RLW1999(3)SC385; 1999(2)SCALE491; (199
..... 31 read with section 94 of the act. till he complies with the requirement of section 31 of the act, the public liability will not cease and that constitutes the insurable interest to keep the policy alive in respect of the third party risks are concerned. it must be deemed that the transferor allowed the purchaser to use the vehicle in a ..... section 31 and also liable to be prosecuted under section 112 for not notifying the transfer, we are clearly of the opinion such statutory liability makes him to retain the insurable interest as the liability subsists till he discharges the statutory obligation. we disagree with the view expressed in (1972) 1 aplj 249...the registration of the vehicle in the name of ..... expressed by various high courts that on the sale of the vehicle the insurable interest ceases and the policy lapses. we agree that any claim of the transferee in respect of his property and his person cannot be enforced against the ..... is the foundation for the continuance of the operation of the policy stands...thus, we are clearly fortified in our view that the insurable interest in the property is not necessary in the case of public liability insurance. the test is whether the liability under the statute ceased or not notwithstanding the passing of title and hence we respectfully dissent with the view .....Tag this Judgment!