Designation and subject-matter .-(1) The subject-matter insured must be designated in a marine policy with reasonable certainty

Goods. - The term "goods" means goods in the nature of merchandise, and does not include personal effects or provisions and stores for use on board

Lawful marine adventure .-Subject to the provisions of this Act, every lawful marine adventure may be the subject of a contract of marine insurance

Insurable interest defined .-(1) Subject to the provisions of this Act, every person has an insurable interest who is interested in a marine adventure

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