Insurable Interest in Nigerian Insurance Law
A bank lends money to a trader against the security of the trader's warehouse. The trader takes out the fire policy and the bank's interest is noted on it. The warehouse burns down. Who can claim, and for how much? Banks, mortgagors, importers, shareholders and creditors have all asked that question in Nigerian courts, and the answers turn on one idea every insurance student must master: insurable interest. This article explains what an insurable interest is, who has one, when it must exist and what happens when it is missing. It builds on Nature and Legal Meaning of Insurance in Nigeria...
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