Insurable interest, property
Applied in 1 court decision — leading case 273 F. Supp. 2d 673 - B a Properties, Inc. v. Aetna Casualty & Surety Co. (2003)
Most recently applied in 273 F. Supp. 2d 673 - B a Properties, Inc. v. Aetna Casualty & Surety Co. (July 2003)
Laws 1984, ch. 127, § 336.
A. No contract of insurance of property or of any interest in property or arising from property shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured as at the time of the loss.
B. "Insurable interest" as used in this section means any actual, lawful and substantial economic interest in the safety and preservation of the subject of the insurance free from loss, destruction, pecuniary damage or impairment.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.