38.2-303 - Insurable interest required; property insurance. - Virginia Statutes

§ 38.2-303. Insurable interest required; property insurance.

A. No insurance contract on property or on any interest therein or arisingtherefrom shall be enforceable except for the benefit of persons having aninsurable interest in the property insured.

B. As used in this section, "insurable interest" means any lawful andsubstantial economic interest in the safety or preservation of the subject ofinsurance free from loss, destruction or pecuniary damage.

(1952, c. 317, § 38.1-331; 1986, c. 562.)