Tuesday, November 10, 2015

Insurable Interest in insurance contract

Insurable Interest in insurance contract

The definition of insurable interest has been continuously expanding. the most commonly quoted definition of insurable interest is that of Lawrence J, in Lucena v Craufurd, in which it was said that “A man is interested in a thing to whom advantage may arise or prejudice may happen, from the circumstances which may attend it…to be interested in the preservation of a thing, is to be so circumstanced with respect to it as to have benefit from its existence, prejudice from its destruction”
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