New York Laws
Part 5 - Performance
2-501 - Insurable Interest in Goods; Manner of Identification of Goods.

(1) The buyer obtains a special property and an insurable interest in
goods by identification of existing goods as goods to which the contract
refers even though the goods so identified are non-conforming and he has
an option to return or reject them. Such identification can be made at
any time and in any manner explicitly agreed to by the parties. In the
absence of explicit agreement identification occurs
(a) when the contract is made if it is for the sale of goods
already existing and identified;
(b) if the contract is for the sale of future goods other than
those described in paragraph (c), when goods are shipped,
marked or otherwise designated by the seller as goods to
which the contract refers;
(c) when the crops are planted or otherwise become growing crops
or the young are conceived if the contract is for the sale of
unborn young to be born within twelve months after
contracting or for the sale of crops to be harvested within
twelve months or the next normal harvest season after
contracting whichever is longer.
(2) The seller retains an insurable interest in goods so long as title
to or any security interest in the goods remains in him and where the
identification is by the seller alone he may until default or insolvency
or notification to the buyer that the identification is final substitute
other goods for those identified.
(3) Nothing in this section impairs any insurable interest recognized
under any other statute or rule of law.