8.6.3　Principle of Insurable Interest可保利益原则

This principle requires the insured have ownership of the goods insured and be the one who suffers financial loss if the risk materializes,otherwise,he/she will have no insurable interest therein and will not be indemnified.An analogy will make this clear.For example,it would be ridiculous if you go to an underwriter and ask to buy insurance against fire on your neighbor’s house.You would definitely be rejected.The point is,you have no insurable interest in something that doesn’t belong to you.Similarly,under Incoterms rules of FOB and CFR,if the cargo is damaged or lost en route from your warehouse to the port of departure,neither you nor the importer can file a claim.You cannot do it because you didn’t purchase the insurance; insurance is obligation of the importer under these two terms.But the importer cannot either,because the goods haven’t been loaded on board the ship,so that ownership hasn’t been transferred to the importer,and so that he/she has no insurable interest therein,either.Therefore,if you export on an FOB or CFR basis,the warehouse-to-warehouse clause of a marine cargo insurance policy is effectively invalid for you.In this case,a CIF term would be better.I’d like to leave it to you to think about why.