US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 18
                            THE INSURANCE CONTRACT
    41-1806.  INSURABLE INTEREST -- PROPERTY. (1) No contract of insurance of
property or of any interest in property or arising from property shall be
enforceable as to the insurance except for the benefit of persons having an
insurable interest in the things insured as at the time of the loss.
    (2)  "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.
    (3)  The measure of an insurable interest in property is the extent to
which the insured might be directly damnified by loss, injury, or impairment
thereof.