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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>58792</law_id><section_number>38.2-303</section_number><catch_line>Insurable interest required; property insurance</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="38.2">Insurance</unit><unit label="chapter" level="2" order_by="1" identifier="3">Provisions Relating to Insurance Policies and Contracts</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> No <span class="dictionary">insurance</span> <span class="dictionary">contract</span> on property or on any interest therein or arising therefrom shall be enforceable except for the benefit of <span class="dictionary">persons</span> having an <span class="dictionary">insurable interest</span> in the property insured. <a id="paragraph-215420" class="section-permalink" href="https://vacode.org/38.2-303/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> As used in this section, &#x201C;<span class="dictionary">insurable interest</span>&#x201D; means any lawful and substantial economic interest in the safety or preservation of the subject of <span class="dictionary">insurance</span> free from loss, destruction or pecuniary damage. <a id="paragraph-215421" class="section-permalink" href="https://vacode.org/38.2-303/#B"><i class="fa fa-link"/></a></p></section></text><history>1952, c. 317, &#xA7; 38.1-331; 1986, c. 562.</history><metadata></metadata></law>
