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1. Insurable interest in property is any interest therein, or liability in respect thereof and it
may consist in an existing interest, an inchoate interest founded on an existing interest, or any expectancy coupled with an existing interest.
2. In general, a person has an insurable interest in the property, if he derives pecuniary
benefit or advantage from its preservation or would suffer pecuniary loss, damage or
prejudice by its destruction whether he has or has no title in, or lien upon, or possession of
the property. Hence, pecuniary interest over the property is always necessary.
3. Existence of insurable interest is a matter of public policy. Hence, the principle of estoppel
cannot be invoked.
may consist in an existing interest, an inchoate interest founded on an existing interest, or any expectancy coupled with an existing interest.
2. In general, a person has an insurable interest in the property, if he derives pecuniary
benefit or advantage from its preservation or would suffer pecuniary loss, damage or
prejudice by its destruction whether he has or has no title in, or lien upon, or possession of
the property. Hence, pecuniary interest over the property is always necessary.
3. Existence of insurable interest is a matter of public policy. Hence, the principle of estoppel
cannot be invoked.
