<<consumer advice section
Principles of Insurance: Insurable Interest
To insure anything the Insured
must have an insurable interest in the subject matter of insurance, i.e.
he/she must benefit by its safety or be prejudiced by its loss.
Notes:
Insurable Interest may be created either
by:
Obligation to Insure
by
Statute
by Contract
by Custom
| Option to Insure |
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Owners
Mortgagors
Lessors
Trustees
Tenants
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Examples:
Everybody would have an insurable interest in
their own personal possessions e.g. house, car, or watch but your next door neighbour would not normally have an insurable interest in your house.
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