Property Insurance
People have an insurable interest in their property up to the value of the property, but not more. The principle of indemnity dictates that the insured be compensated for a loss of property, but not for more than what the property was worth. A lender who accepts a house as a mortgage, has an insurable interest on the property used as security, but the insurable interest is not in excess of the value of the loan.
Read more about this topic: Insurable Interest
Famous quotes containing the words property and/or insurance:
“Never let the estate decrease in your hands. It is only by such resolutions as that that English noblemen and English gentlemen can preserve their country. I cannot bear to see property changing hands.”
—Anthony Trollope (1815–1882)
“Women hock their jewels and their husbands’ insurance policies to acquire an unaccustomed shade in hair or crêpe de chine. Why then is it that when anyone commits anything novel in the arts he should be always greeted by this same peevish howl of pain and surprise? One is led to suspect that the interest people show in these much talked of commodities, painting, music, and writing, cannot be very deep or very genuine when they so wince under an unexpected impact.”
—John Dos Passos (1896–1970)