The insurer must have an insurable interest in the property which he insures.1 Any person has an insurable interest in any property, who would suffer loss by its destruction.2

In the case of Lucena vs. Crawford,3 it was said: "A man is interested in a thing to whom advantage may arise, or prejudice happen, from the circumstances which may attend it. . . . Interest does not necessarily imply a right to the whole, or a part of a thing, nor necessarily and exclusively that which may be the subject of privation, but the having some relation to, or concern in the subject of the insurance, which relation or concern by the happening of the perils insured against may be so affected as to produce a damage, detriment, or prejudice to the person insuring; and where a man is so circumstanced with respect to matters exposed to certain risks or dangers, as to have a moral certainty of advantage or benefit, but for those risks or dangers, he may be said to be interested in the safety of the thing. To be interested in the preservation of a thing, is to be so circumstanced with respect to it as to have benefit from its existence, prejudice from its destruction. The property of a thing and the interest derivable from it may be very different. Of the first the price is generally the measure, but by interest in a thing every benefit and advantage arising out of or depending on such thing may be considered as being comprehended."

1 Sawyer vs. Mayhew, 51 Me., 398; Boston Ins. Co. vs. New York Ins. Co., 174 Mass., 229; 54 N. E., 543; Buchanan vs. Ocean Ins. Co., 6 Cow. Cr., 318.

2 International Mar. Ins. Co. vs. Winsmore, 124 Pa. St., 61; 16 Atl., 516; Moran vs. Uzielli, 2KB., 555; 10 Com. Cas., 203.

3 3 B. & P., 75; 6 Rev. Rep., 623.

It was formerly held that the interest of insurer must exist at the time the contract of insurance was made,4 but under the modern rule it is sufficient if there is an insurable loss at the time of the loss.5