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of <h1>Person must have financial stake in insured property to suffer actual loss from covered peril</h1> The concept of insurable interest requires a person to have a financial stake in the subject matter such that they would suffer loss if the insured peril occurs. A person has insurable interest when they would gain advantage if an event happens or suffer loss if frustrated. The interest must be such that the peril would cause damage to the assured, making them lose a benefit or incur liability. Insurable interest doesn't necessarily require ownership rights but requires some relation to the insurance subject where the person would benefit from its existence or suffer prejudice from its destruction. In sale of goods contracts, the seller retains insurable interest until property and risk completely pass to the buyer, at which point the buyer acquires the insurable interest.
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