                                 CODE OF VIRGINIA

INSURABLE INTEREST REQUIRED; PROPERTY INSURANCE (§ 38.2-303)

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, &#8220;insurable interest&#8221; means any lawful
and substantial economic interest in the safety or preservation of the subject
of insurance free from loss, destruction or pecuniary damage.

HISTORY: 1952, c. 317, § 38.1-331; 1986, c. 562.