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Definition : Insurance - Insurable interest

The interest of the policy-holder in purchasing insurance against a risk that could affect property or a person and cause direct and immediate injury. Insurance of property in which the insured has no insurable interest is null. As an exception, the Civil Code of Québec provides that a syndicate of co-owners has an insurable interest in the entire immovable, including the private portions, even if the syndicate does not own the immovable.

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