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Insurable interest reform

An updated draft Bill has been published in the ongoing process of improving the antiquated and restrictive law on insurable interest.

At its simplest, the requirement for insurable interest means that, for a contract of insurance to be valid, the person taking out the insurance must be affected by the subject matter of the insurance. They must stand to gain a benefit from its preservation, or to suffer a disadvantage should it be lost or damaged.

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