Insurable Interest in UK Law

Leading Cases
  • Deepak Fertilisers and Petrochemicals Corporation v ICI Chemicals & Polymers Ltd
    • Court of Appeal (Civil Division)
    • 12 Noviembre 1998

    In our judgment Davy undoubtedly had an insurable interest in the plant under construction and on which they were working because they might lose the opportunity to do the work and to be remunerated for it if the property or structure were damaged or destroyed by any of the "all risks", such as fire or flood.

    Accordingly, we must differ from the approach adopted by the Learned Judge. He held that he could see no reason why Davy (and ICI) should not have an insurable interest in the plant so long as they were arguably responsible in some way for damage to it. He posed the question:

  • Tomlinson (A.) (Hauliers) Ltd v Hepburn
    • House of Lords
    • 27 Enero 1966

    But equally he can if he chooses insure up to his full insurable interest—up to the full value of the goods entrusted to him. And if he does that he can recover the value of the goods though he has suffered no personal loss at all. But in that case the law will require him to account to the owner of the goods who has suffered the loss or, as Lord Campbell says, he will be trustee for the owners.

  • Charter Reinsurance Company Ltd v Fagan
    • House of Lords
    • 22 Mayo 1996

    It is an independent contract between reinsured and reinsurer in which the subject-matter of the insurance is the same as that of the primary insurance, that is to say, the risk to the ship or goods or whatever might be insured. The difference lies in the nature of the insurable interest, which in the case of the primary insurer, arises from his liability under the original policy: see Buckley L.J. in British Dominions General Insurance Co. Ltd. v. Duder [1915] 2 K.B. 394, 400.

  • Rowlands (Mark) Ltd v Berni Inns Ltd
    • Court of Appeal (Civil Division)
    • 31 Julio 1985

    I therefore turn to the question whether there is anything in law which precludes the conclusion that the insurance effected by the plaintiffs in this case was also intended to enure for the benefit of the defendants.

    An essential feature of insurance against fire is that it covers fires caused by accident as well as by negligence. This was what the plaintiffs agreed to provide in consideration of (inter alia) the insurance rent paid by the defendants.

  • Samuel (P.) & Company Ltd v Dumas
    • House of Lords
    • 25 Febrero 1924

    It may well be that, when two persons are jointly insured and their interests are inseparably connected so that a loss or gain necessarily affects them both, the misconduct of one is sufficient to contaminate the whole insurance ( Phillips on Marine Insurance, vol.

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Legislation
  • Marine Insurance Act 1906
    • UK Non-devolved
    • 1 de Enero de 1906
    ......Such property is in this Act. referred to as ‘insurable property’;. .   . ( b . ) The earning or acquisition of any freight, ...owner of, or other person interested in or responsible. for, insurable property, by reason of maritime ......
  • War Damage Act 1941
    • UK Non-devolved
    • 1 de Enero de 1941
    ...... Payments. Nature, amount and provisions for securing the pubic interest. . Payments. Nature, amount and provisions for securing the pubic. ...respectively, are insurable under the business scheme;. .   . ( b . ) a scheme, in this Part of ......
  • Happisburgh Lighthouse Act 1990
    • UK Non-devolved
    • 1 de Enero de 1990
    ...... any other manner any real or personal property and any rights or interests therein; sell, lease, surrender, exchange, dispose of or otherwise deal ... of insurance in respect of any matter in which the Trust has an insurable interest and in particular, but without derogating from the generality of ......
  • The Title Conditions (Scotland) Act 2003 (Development Management Scheme) Order 2009
    • UK Non-devolved
    • 1 de Enero de 2009
    ......interest in land or information relating to an interest in land (being an interest ... of it (and for that purpose the association is deemed to have an insurable interest); . (d) purchase, or otherwise acquire or obtain the use of, ......
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Books & Journal Articles
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Forms
  • Chapter GIM1050
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    • HM Revenue & Customs
    ...... characteristic of a contract of insurance is the existence of an insurable interest. . This is not a general rule of law but is in fact a statutory ......
  • Chapter IHTM20085
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    • HM Revenue & Customs
    .... . . An individual has an insurable interest if they were likely to lose money or incur a liability as a ......
  • Chapter IPT02310
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ...... wagering policies, those policies where the insured lacks an “insurable interest”, i.e. a pecuniary interest in the subject matter of the ......
  • Chapter IPT03770
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ...... between them is the absence, in the case of a guarantee, of an insurable interest. For example, the debtor could enter into a binding guarantee ......
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