Washington Code 48.18.040 – Insurable interest — Property insurances
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(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.
Terms Used In Washington Code 48.18.040
- Contract: A legal written agreement that becomes binding when signed.
(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.
[1947 c 79 § .18.04; Rem. Supp. 1947 § 45.18.04.]