Central Act
53
Section 53. Assured who has no interest cannot assign.
The Marine Insurance Act, 1963
In forceAll India (Central Act)
53. Assured who has no interest cannot assign. Where the assured has parted with or lost his interest in the subject-matter insured, and has not, before or at the time of so doing expressly or impliedly agreed to assign the policy, any subsequent assignment of the policy is inoperative: Provided that nothing in this section affects the assignment of a policy after loss.