2011 New Mexico Statutes
Chapter 59A: Insurance Code
Article 18: The Insurance Contract, 59A-18-1 through 59A-18-31
Section 59A-18-6: Insurable interest, property.
59A-18-6. Insurable interest, property.
A. 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.
B. "Insurable interest" as used in this section means any actual, lawful and substantial economic interest in the safety and preservation of the subject of the insurance free from loss, destruction, pecuniary damage or impairment.
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