(a) A contract of insurance of property or of an interest in property or arising from property may not be enforced as to the insurance except for the benefit of persons having an insurable interest in the things insured at the time of the loss.
(b) The measure of an insurable interest in property is the extent to which the insured might be indemnified by loss, injury, or impairment.
(c) In this section, "insurable interest" means an 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.
Section: Previous 21.42.010 21.42.020 21.42.030 21.42.040 21.42.050 21.42.060 21.42.070 21.42.075 21.42.080 21.42.090 21.42.100 21.42.110 21.42.120 21.42.123 21.42.125 NextLast modified: November 15, 2016