Vermont § 501 - § 2—501.

§ 501. § 2—501.

• Insurable interest in goods; manner of identification of goods (1) The buyer obtains a special property and an insurable interest in goods by identification
  of existing goods as goods to which the contract refers even though the goods so identified
  are nonconforming and he or she has an option to return or reject them. Such identification
  can be made at any time and in any manner explicitly agreed to by the parties. In
  the absence of explicit agreement identification occurs: (a) when the contract is made if it is for the sale of goods already existing and identified; (b) if the contract is for the sale of future goods other than those described in paragraph
  (c), when goods are shipped, marked or otherwise designated by the seller as goods
  to which the contract refers; (c) when the crops are planted or otherwise become growing crops or the young are conceived
  if the contract is for the sale of unborn young to be born within 12 months after
  contracting or for the sale of crops to be harvested within 12 months or the next
  normal harvest season after contracting whichever is longer. (2) The seller retains an insurable interest in goods so long as title to or any security
  interest in the goods remains in him or her and where the identification is by the
  seller alone he or she may until default or insolvency or notification to the buyer
  that the identification is final substitute other goods for those identified. (3) Nothing in this section impairs any insurable interest recognized under any other
  statute or rule of law.