Bank mortgagee held to have insurable interest in vessel and was entitled to indemnity under hull and machinery policy measured by its mortgage debt.
insurance
Under Insurance Contracts Act s.54, an insurer cannot refuse a claim on the basis of the insured's breach of duty of disclosure where that breach did not cause or contribute to the loss.
Insurance contract construction follows general commercial contract principles, requiring consideration of text in context and giving effect to the commercial purpose.
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