Fiona owns and operates 'Fiona's Futons' (an importer of bedroom furniture and accessories located in Fremantle, Western Australia). Fiona ordered 20,000 queen size futon mattresses from Jaki, a sole trader and exporter of mattresses located in Yokohama, Japan. The mattresses were to be delivered to Fiona's business premises in two instalment shipments of 10.000 mattresses each:The first instalment on board The Pacifica in July (the July shipment) and the second on board The Oceania in November (the November shipment). The parties have incorporated a clause into their contract that the law of Australia (or Western Australia, as applicable) shall be the governing law should a dispute arise.

The following issues arose:

10: During the November shipment, a container carrying 2,000 mattresses was lost at sea.

Discuss the concept of insurable interest and identify three parties who may be able to make a claim against their insurer(s).