2006 New York Code - Insurable Interest In Goods; Manner Of Identification Of Goods.

 
  Section 2--501. Insurable Interest in Goods; Manner of Identification of
                    Goods.
    (1)  The buyer obtains a special property and an insurable interest in
  goods by identification of existing goods as goods to which the contract
  refers even though the goods so identified are non-conforming and he has
  an option to return or reject them. Such identification can be  made  at
  any  time  and in any manner explicitly agreed to by the parties. In the
  absence of explicit agreement identification occurs
         (a) when the contract is made if it is  for  the  sale  of  goods
             already existing and identified;
         (b) if  the  contract  is for the sale of future goods other than
             those described in paragraph (c),  when  goods  are  shipped,
             marked  or  otherwise  designated  by  the seller as goods to
             which the contract refers;
         (c) when the crops are planted or otherwise become growing  crops
             or the young are conceived if the contract is for the sale of
             unborn   young   to   be  born  within  twelve  months  after
             contracting or for the sale of crops to be  harvested  within
             twelve  months  or  the  next  normal  harvest  season  after
             contracting whichever is longer.
    (2) The seller retains an insurable interest in goods so long as title
  to or any security interest in the goods remains in him  and  where  the
  identification is by the seller alone he may until default or insolvency
  or notification to the buyer that the identification is final substitute
  other goods for those identified.
    (3)  Nothing in this section impairs any insurable interest recognized
  under any other statute or rule of law.