Marine Insurance Act (S.C. 1993, c. 22)

Marginal note:Gaming or wagering contracts void

• 18 (1) Every contract by way of gaming or wagering is void.

• Marginal note:Presumption

  (2) A contract is deemed to be a contract by way of gaming or wagering if

  • (a) the insured has no insurable interest within the meaning of this Act and the contract is concluded with no expectation of acquiring such an interest; or

  • (b) the marine policy is made “interest or no interest”, “without further proof of interest than the policy itself” or “without benefit of salvage to the insurer” or is subject to any other like term.

• Marginal note:Exception

  (3) Paragraph (2)(b) does not apply in respect of a marine policy that is made “without benefit of salvage to the insurer” or is subject to any other like term, if there is no possibility of salvage.