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The existence of insurable interest lies in different classes of insurance.There are some differences as to when the insurable interest exists.
In marine insurance contract,the insured must be interested in the subject matter insured at the time of loss,though he need not be necessarily interested when the insurance policy is issued by the insured.This follows from the customs of maritime trading that cargo may change ownership while it is in transit.The marine insurance policy is one of the essential documents in the transfer of title in such cases,and the buyer of goods is permitted to have a legitimate insurable interest in the goods from the time of transfer even though he did not have an interest when the policy was issued. 15 However,marine cargo insurance is different from life insurance.Insurable interest in life insurance is only required at inception.There is no requirement for insurable interest at the time of a claim.
In life insurance contract,insurable interest is only required by the insured at inception,not necessarily at the time of claim.The interest need only be valued at the beginning and there is no requirement for insurable interest when the beneficiary makes a claim to the insurer.