N.Y. Insurance Law 3401 – Insurable interest in property
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§ 3401. Insurable interest in property. No contract or policy of insurance on property made or issued in this state, or made or issued upon any property in this state, shall be enforceable except for the benefit of some person having an insurable interest in the property insured. In this article, "insurable interest" shall include any lawful and substantial economic interest in the safety or preservation of property from loss, destruction or pecuniary damage.
Terms Used In N.Y. Insurance Law 3401
- Contract: A legal written agreement that becomes binding when signed.