Section 21.42.030. Insurable interest: property.

   (a) A contract of insurance of property or of an interest in property or arising from property may not be enforced as to the insurance except for the benefit of persons having an insurable interest in the things insured at the time of the loss.
   (b) The measure of an insurable interest in property is the extent to which the insured might be indemnified by loss, injury, or impairment.
   (c) In this section, "insurable interest" means an actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment.

Notes

History

(Sec. 1 ch 120 SLA 1966)