Insurable interest is a term thrown around a lot in insurance claims.As property damage restoration contractors,we do not necessarily need to be fully versed on all insurance language,but we should know the basics.I used to think that having insurable interest means you are the owner of the property,but I was wrong.You can,in fact,have insurable interest on a property you do not own.So let's start with a basic definition and then try to break it down to what it might mean to us as restoration contractors.Insurable interest is”a right or relationship in regard to the subject matter of the insured contract such that the insured can suffer a financial loss from damage,loss or destruction to it"(Bickelhaupt and Magee)(NAIC glossary of insurance terms).
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