20-1105. Insurable interest with respect to
property insurance
A. No insurance contract on property or of any interest therein or arising
therefrom shall be enforceable as to the insurance except for the benefit of persons
having an insurable interest in the things insured.
B. "Insurable interest" as used in this section means any 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.
C. The measure of an insurable interest in property is the extent to which the
insured might be damaged by loss, injury or impairment thereof.
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