Section 1884 Of Article 1. Insurable Interests Peculiar To Marine Insurance From California Insurance Code >> Division 2. >> Part 1. >> Chapter 1. >> Article 1.

. The interest mentioned in the last section exists, in the case of a charter party, when the ship has broken ground on the chartered voyage. If a price is to be paid for the carriage of goods it exists when they are actually on board, or there is some contract for putting them on board, and both ship and goods are ready for the specified voyage.