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17 Slide

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Published by: mohdsolahuddin on Jun 30, 2009
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08/05/2013

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17- 1
Insurable Interest
One of the key elements in determining whether or not a particular piece of property representsan exposure to loss is reflected by the conceptof insurable interest.
The term is generally understood to mean anylawful economic interest in the safety or preservation of property from loss, destructionor pecuniary damage.
 
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Insurable Interest
Although insurable interest generally follows title,insurable interest is not limited to owners. Thevariety of financial interests that can support aninsurable interest include:1.Owner.2.Secured creditor (mortgagor, vendor, etc.).3.Holder of a mechanic's or contractors lien.4.A bailee or other representative of the owner.5.A lessor or renter of property to the extent of alegal obligation.
 
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Insurable Interest
6.A tenant who makes improvements on realproperty owned by another.7.A party with a contractual or legal expectation of ownership.8.Usfruct interests
Usfruct interest is defined as "the right to utilize andenjoy profits and advantages of something belongingto another so long as the property is not damaged or altered in any way." (easements, storage buildings,private roads, and similar interests

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