N.Y. Ins. Law § 3401
Current through 2024 NY Law Chapters 1-59 and 61-118
No contract or policy of insurance on property made or issued in this state, or made or issued upon any property in this state, shall be enforceable except for the benefit of some person having an insurable interest in the property insured. In this article, "insurable interest" shall include any lawful and substantial economic interest in the safety or preservation of property from loss, destruction or pecuniary damage.
N.Y. Ins. Law § 3401