insurable interest

British  

noun

1. law a financial or other interest in the life or property covered by an insurance contract, without which the contract cannot be enforced

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Example Sentences

Cardiff City claim says Miller Insurance failed to properly explain the concept of an "insurable interest" for football player transfers and the requirement of a "prompt" notification of the transfer in order to secure coverage.

From BBC • Jan. 19, 2023

Staebler: As a homeowner, you do not have an insurable interest in the contractor’s business so you cannot get insurance coverage for their business.

From Washington Post • Oct. 13, 2021

Two insurers including AXA ART, a unit of AXA, have an insurable interest in the art works within the cathedral, Honore said, adding five adjusters had been commissioned.

From Reuters • Apr. 17, 2019

The insurable interest doctrine cleanly cut through the confusion about the difference between speculation and insurance, banning the former while permitting the latter.

From Slate • Apr. 4, 2012

The contract to be valid must be for the benefit of one having an insurable interest, otherwise the contract is a wager, which the law condemns.

From Putnam's Handy Law Book for the Layman by Bolles, Albert Sidney