Insurable interest
Jeff had an insurable interest in the building at the time of the loss. Jeff owns the building and stores its inventory as well as operating a restaurant in the building. When fire destroyed the building, Jeff suffers a financial loss including the loss of revenue from the restaurant business. Therefore, he has an insurable interest in the building. Richard does not have an insurable interest in the building at the time of the loss. A person can only have an insurable interest in a property if the loss or damage to the property results in a financial loss ...