Code of Virginia § 38.2-303. Insurable interest required; property insurance.
71 words·~1 min read·
/va/title-38-2/chapter-3/38-2-303A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. No insurance contract on property or on any interest therein or arising therefrom shall be enforceable except for the benefit of persons having an insurable interest in the property insured.
B. As used in this section, "insurable interest" means any lawful and substantial economic interest in the safety or preservation of the subject of insurance free from loss, destruction or pecuniary damage.
1952, c. 317, § 38.1-331; 1986, c. 562.