Insurable interest should be economic insurance interest, that is, it is an economic interest. If the insured wishes to obtain insurable benefits, he must be able to reasonably expect to benefit from the safety or expected arrival of the insured property, or suffer losses or detention. If the subject matter insured is not actually in this kind of risk, or the insurance will not be in this kind of risk at the beginning, there will be no economic interest, so there will be no insurable interest.
As an economic interest, the insurable interest must be calculated by money. Non-economic losses suffered by the insured, such as emotional sustenance of the subject matter insured or mental trauma, political blow, administrative or criminal punishment suffered by the insured, are related to the insured, but they cannot constitute insurable interests. Property that can't be valued by money, such as priceless treasure, is difficult for insurers to underwrite and can't be used as insurable interest.
Insurable interest must be predictable or determinable. In other words, when an insurance contract is concluded, insurance risks may occur and may affect the insured. Of course, this possibility should not be too far away to be illusory. The so-called possibility refers to the possibility of an insured accident, which may lead to the loss of the insured property. Here, the expectation of loss should be reasonable. At the same time, the degree of possibility is high. However, the insured does not need to prove that if there is no insurance accident, it will definitely make a profit. That is to say, the insured's interest in the subject matter of insurance can only constitute an insurable interest if it has been determined or can be determined. An established interest is an existing interest (such as all or occupied property). The benefits that can be determined are expected benefits (such as profits from selling commodities, expected benefits in speculative activities such as stock or futures trading, freight income, rental income, responsibilities to others, etc.). ).
2. Insurable interest should be legal interest or equitable interest.
Insurable interest should be legal insurable interest, that is, legal or equitable interest. Take Lucenav as an example. In the Craufurd case, the House of Lords ruled that the mere expectation of future property interests is not enough to constitute insurable interests. In order to make the loss or gain sure enough, the economic benefit must be combined with other things. Insurable interests must be strict legal rights or rights derived from contracts. It can be seen that only certain economic interests recognized by law can become insurable interests. Article 5(2) of MIA 1906 embodies this technical method of identifying insurable interest. In other words, the insurable interest must meet the requirements of social public order, not violate the prohibitive provisions of the law, and abide by the mandatory provisions of the law. Otherwise, even if the insured is interested in the insured property, such as possessing smuggled goods or goods imported without import right, there is still no insurable interest.