Georgia § 33-24-4 - Insurable interest; property insurance.

§ 33-24-4. Insurable interest; property insurance.

As used in this Code section, the term "insurable interest" means any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment. No insurance contract on property or of any interest therein or arising therefrom shall be enforceable except for the benefit of persons having, at the time of the loss, an insurable interest in the things insured. (Orig. Code 1863, § 2745; Code 1868, § 2753; Code 1873, § 2795; Code 1882, § 2795; Civil Code 1895, § 2090; Civil Code 1910, § 2472; Code 1933, § 56-812; Code 1933, § 56-2405, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2019, p. 386, § 24/SB 133; Ga. L. 2020, p. 493, § 33/SB 429.) The 2019 amendment, effective July 1, 2019, deleted former subsection (c), which read: "The measure of an insurable interest in property is the extent to which the insured might be damnified by loss, injury, or impairment of such interest in such property." The 2020 amendment, effective July 29, 2020, part of an Act to revise, modernize, and correct the Code, substituted "section, the term 'insurable interest'" for "section, 'insurable interest'" in subsection (a). Law reviews. - For survey article on domestic relations, see 34 Mercer L. Rev. 113 (1982). For annual survey of insurance law, see 42 Mercer L. Rev. 259 (1990). For comment on American Equitable Assurance Co. v. Pioneer Coop. Fire Ins. Co., 100 R.I. 375, 216 A.2d 139 (1966), as to effect of transfer of insured property to third party absent a clause in the policy prohibiting alienation, see 17 Mercer L. Rev. 483 (1966).