Arjun borrowed Rs. 800.000 from the Laxmi Vilas Bank to purchase a fishing boat.
He keeps the boat at a dock owned by the Harbor Company. He uses the boot to carm income by fishing Arjun also has a contract with the Reliance Fishing Company to transport tuna from one port to another
A. De any of the following parties have an insurable interest in Arjun or his property. If an insurable interest exists, explain the extent of the interest.
a) Laxmi Vilas Bank
b) Harbor Company
c) Reliance Fishing Company
B. If Arun did not own the boat but operated it on behalf of the Reliance Fishing
Company, would he have an insurable interest in the boat? Explain.
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Answer:
He will have a insurable interest in the Reliance fishing company as he will have profit too
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