[MIA 8] Defeasible or contingent interest8 

8

(1) A defeasible interest is insurable, as also is a contingent interest.

(2) In particular, where the buyer of goods has insured them, he or she has an insurable interest, notwithstanding that he or she might, at his or her election, have rejected the goods, or have treated them as at the seller's risk, by reason of the latter's delay in making delivery or otherwise.