Insurable interest required; property insurance
Applied in 3 court decisions — leading case Erie Ins. Exchange v. EPC MD 15, LLC (2019)
Most recently applied in Erie Ins. Exchange v. EPC MD 15, LLC (January 2019)
1952, c. 317, § 38.1-331; 1986, c. 562.
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.
A. No insurance contract on property or on any interest therein or arising therefrom shall be enforceable except for the benefit of persons having an insurable interest in the property insured.
B. As used in this section, "insurable interest" means any lawful and substantial economic interest in the safety or preservation of the subject of insurance free from loss, destruction or pecuniary damage.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.