New York Insurance Law Section 3401 - Insurable interest in property.

  3401.  Insurable  interest  in  property.  No contract or policy of
  insurance on property made or issued in this state, or  made  or  issued
  upon  any  property  in  this state, shall be enforceable except for the
  benefit of some person having an  insurable  interest  in  the  property
  insured.  In this article, "insurable interest" shall include any lawful
  and substantial economic interest  in  the  safety  or  preservation  of
  property from loss, destruction or pecuniary damage.

Last modified: February 3, 2019