Insurable interest—Property insurances.
Applied in 11 court decisions — leading case Gossett v. Farmers Ins. Co. of Washington (1997)
Most recently applied in 273 F. Supp. 2d 673 - B a Properties, Inc. v. Aetna Casualty & Surety Co. (July 2003)
1947 c 79 s .18.04; Rem
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.
(1) No contract of insurance on property or of any interest therein or arising therefrom shall be enforceable except for the benefit of persons having an insurable interest in the things insured.
(2) "Insurable interest" as used in this section means any lawful and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage.
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.