(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 at the time of the effectuation of the insurance and 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 or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment.
Section: Previous 23-79-102 23-79-103 23-79-104 23-79-105 23-79-106 23-79-107 23-79-108 23-79-109 23-79-110 23-79-111 23-79-112 23-79-113 23-79-114 23-79-115 NextLast modified: November 15, 2016