s 9
In forceAvoidance of wagering or gaming contracts of marine insurance
Part 3Substitution of Queensland law for certain Imperial enactments
9 Avoidance of wagering or gaming contracts of marine insurance
(1)
Every contract of marine insurance by way of gaming or wagering is void.
(2)
A contract of marine insurance is deemed to be a gaming or wagering contract—
(a)
where the assured has no insurable interest, and the contract is entered into with no expectation of acquiring such an interest; or
(b)
where the policy is made ‘interest or no interest’, or ‘without further proof of interest than the policy itself’, or ‘without benefit of salvage to the insurer’, or subject to any other like term.
(3)
However, where there is no possibility of salvage, a policy may be effected without benefit of salvage to the insurer.
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