Section 9: Defeasible or contingent interest.

(1) A defeasible interest shall be insurable, as also shall be a contingent interest.
(2) In particular, where the buyer of goods has insured them, he has an insurable interest, notwithstanding that he might, at his 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.