The buyer and seller may not have an insurable interest in the same goods at the same time.

Question

Quizplus · Accepted Answer

The buyer and seller both have an insurable interest in the same goods at the time of sale. The buyer has an insurable interest in the goods from the time they are sold and the seller has an insurable interest in the goods up until the time of sale. However, after the sale, only the buyer has an insurable interest in the goods.

The Buyer and Seller May Not Have an Insurable Interest