Except in the case of a property held by the insured as a carrier or depositary, the measure of an insurable interest in property is the extent to which the insured might be damnified by loss or injury thereof.
Cal. Ins. Code § 284
Insurable Interest: Generally
Applied in 2 court decisions — leading case Royal Insurance Company, Limited, a Foreign Corporation v. The Sisters of the Presentation, a California Corporation (1970)
Most recently applied in 28 F. Supp. 3d 1110 - McAdam v. State National Insurance (June 2014)
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.