Insurable interest: only those who will gain or lose from a peril may validly insure property interests. Insurable interest exists where the insured will gain advantage or suffer loss from the peril's proximate effect causing damage by depriving them of a benefit or exposing them to liability; ownership is not required. When property and risk under a contract of sale pass to the buyer-either upon completion of loading or on shipment depending on contract terms-the seller loses any insurable interest and the buyer acquires it.