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Piper v Royal Exchange Assurance

The assured bought a yacht in Norway “as she lies”. The yacht was to be delivered to England and was, until her arrival, at the risk of the seller. On the voyage to England, the vessel sustained some damage. The buyer claimed upon the policy, and was indemnified for the loss. The court ruled that , since the risk was on the seller during the voyage, the buyer had no insurable interest at the time of loss. The underwriters, therefore, having paid under a mistake of fact, were entitled to recoup the amount they had paid to the assured buyer.