Sec. 40. Insurable interest.
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/il/chapter-815/act-312/40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 40. Insurable interest.
(a)Notwithstanding any other law, statute, rule, or regulation to the contrary, a car-sharing program shall have an insurable interest in a shared vehicle during the car-sharing period and may provide or offer to provide coverage to a shared-vehicle owner or a shared-vehicle driver under the policy of insurance described in subsection (c).
(b)Nothing in this Section shall be construed as modifying the obligations of the car-sharing program pursuant to Section 10.
(c)A car-sharing program may own and maintain, as the named insured, one or more policies of motor vehicle liability insurance that separately or in combination provides coverage for:
(1)liabilities assumed by the car-sharing program under a car-sharing agreement;
(2)any liability of the shared-vehicle owner;
(3)damage or loss to the shared vehicle; or
(4)any liability of the shared-vehicle driver.