The charterer of a ship has an insurable interest in it, to the extent that he is liable to be damaged by its loss.
Cal. Ins. Code § 1886
Insurable Interests Peculiar to Marine Insurance
Enacted by Stats. 1935, Ch. 145.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.