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.
(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.
History: En. Sec. 262, Ch. 286, L. 1959; R.C.M. 1947, 40-3705.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 15. The Insurance Contract
33-15-201. Restrictions on contracting for personal insurance -- insurable interests -- violation
33-15-202. through 33-15-204 reserved
33-15-205. Restrictions on property insurance -- interest
33-15-206. Interest of named insured -- change of interest on death -- transfer