§ 3401. Insurable interest in property. No contract or policy of\ninsurance on property made or issued in this state, or made or issued\nupon any property in this state, shall be enforceable except for the\nbenefit of some person having an insurable interest in the property\ninsured. In this article, "insurable interest" shall include any lawful\nand substantial economic interest in the safety or preservation of\nproperty from loss, destruction or pecuniary damage.\n
N.Y. Ins. Law § 3401
Insurable interest in property
Applied in 3 court decisions — leading case Sabharwal v. Hyundai Mar. & Fire Ins. Co., Ltd. (2023)
Most recently applied in Sabharwal v. Hyundai Mar. & Fire Ins. Co., Ltd. (May 2023)
2014-09-22
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.