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Vol 25 No 2 Feb/March 2020

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Insurable Interest and the Law

ISBN13: 9780367076672
Published: June 2020
Publisher: Routledge
Country of Publication: UK
Format: Hardback
Price: £120.00

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This book assesses the role of the doctrine of insurable interest within modern insurance law by examining its rationales and suggesting how shortcomings could be fixed.

Over the centuries, English law on insurable interest – a combination of statutes and case law – has become complex and unclear. Other jurisdictions have relaxed, or even abolished, the requirement for an insurable interest. Yet, the UK insurance industry has overwhelmingly supported the retention of the doctrine of insurable interest. This book explores whether the traditional justifications for the doctrine - the policy against wagering, the prevention of moral hazard and the doctrine’s relationship with the indemnity principle - still stand up to scrutiny and argues that, far from being obsolete, they have acquired new significance in the global financial markets and following the liberalisation of gambling. It is also argued that the doctrine of insurable interest is an integral part of a system of insurance contract law rules and market practice. Rather than rejecting the doctrine, the book recommends a recalibration of insurable interest to afford better pre-contractual transparency to a proposer as to the suitability of the policy to his or her interest in the subject-matter to be insured.

Providing a powerful defence for the retention of insurable interest, this book will appeal to both academics and practitioners working in the field of insurance law.

Insurance Law
The historical development of the insurable interest requirement
The legal bases for insurable interest
The meaning of insurable interest
Insurable Interest – Quo Vadis? 
The anti-wagering justification
The moral hazard justification
The indemnity justification
The integral dimension of insurable interest – insurance contract law
The integral dimension of insurable interest – policy terms
The definitional dimension of insurable interest
Remedies, enforcement and reform