Delaware Code Title 18 Sec. 2706 – Insurable interest; property
Current as of: 2023 | Check for updates
|
Other versions
(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.
Terms Used In Delaware Code Title 18 Sec. 2706
- Contract: A legal written agreement that becomes binding when signed.
(b) “Insurable interest” as used in this section means any actual, lawful and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction or pecuniary damage or impairment.
(c) The measure of an insurable interest in property is the extent to which the insured might be directly or indirectly damnified by loss, injury or impairment thereof.
18 Del. C. 1953, § ?2706; 56 Del. Laws, c. 380, § ?1;