One-Man Corporation Has Insurable Interest In Owner’s Vehicle, Despite No Evidence of Revenue

Michigan law requires that a named insured have an insurable interest to support a valid automobile liability insurance policy. Booker v Hartford Casualty Ins Co, unpublished opinion per curiam of the Court of Appeals, decided July 16, 2020 (Docket No. 348491), p 5. Hartford was represented by Secrest Wardle throughout the litigation.

An insurance policy is void if there is no insurable interest. Id. The insurable interest must belong to a named insured. See Id.

However, “an insurable interest need not be in the nature of ownership, but rather can be any kind of benefit from the thing so insured or any kind of loss that would be suffered by its damage or destruction.” Id. “[A]ny kind of benefit . . . or any kind of loss – is broad.” Id.

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