Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 not an insurable interest as defined by this Act, 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:
Provided that, where there is no possibility of salvage, a policy may be
effected without benefit of salvage to the insurer.