A. No insurance contract on property or on any interest therein or arising therefrom shall be enforceable except for the benefit of persons having an insurable interest in the property insured.
B. As used in this section, "insurable interest" means any lawful and substantial economic interest in the safety or preservation of the subject of insurance free from loss, destruction or pecuniary damage.
1952, c. 317, § 38.1-331; 1986, c. 562.
Structure Code of Virginia
Chapter 3 - Provisions Relating to Insurance Policies and Contracts
§ 38.2-301. Insurable interest required; life, accident and sickness insurance
§ 38.2-302. Life, accident, and sickness insurance; application required
§ 38.2-303. Insurable interest required; property insurance
§ 38.2-304. Contracts of temporary insurance; duration; what deemed to include
§ 38.2-305. Contents of policies
§ 38.2-306. Additional contents
§ 38.2-307. Charter and bylaw provisions in policies
§ 38.2-308. Contingent liability provisions in policies issued by certain mutual insurers
§ 38.2-309. When answers or statements of applicant do not bar recovery on policy
§ 38.2-310. All fees, charges, etc., to be stated in policy
§ 38.2-311. Type size in which conditions and restrictions to be printed
§ 38.2-313. Where certain contracts deemed made
§ 38.2-314. Limitation of action and proof of loss
§ 38.2-315. Intervening breach
§ 38.2-316. Policy forms to be filed with Commission; notice of approval or disapproval; exceptions
§ 38.2-317. Delivery and use of certain policies and endorsements
§ 38.2-318. Validity of noncomplying forms
§ 38.2-319. Validity of contracts in violation of law
§ 38.2-320. Insurer to furnish forms for proof of loss
§ 38.2-321. Payment discharges insurer
§ 38.2-322. Standardized claims forms
§ 38.2-324. Disclosure of property damage information