33-15-205. Restrictions on property insurance — interest. (1) 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 Montana Code 33-15-205

  • Contract: A legal written agreement that becomes binding when signed.
  • Property: means real and personal property. See Montana Code 1-1-205

(2)”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.

(3)The measure of an insurable interest in property is the extent to which the insured might be damnified by loss, injury, or impairment thereof.