The insurable interest of the owner of a ship hypothecated by bottomry is only the excess of its value over the amount secured by bottomry.
Cal. Ins. Code § 1881
Insurable Interests Peculiar to Marine Insurance
Enacted by Stats. 1935, Ch. 145.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.