Section 33-24-4. Insurable interest -- Property insurance

   (a) As used in this Code section, "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.

(b) 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.

(c) 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.

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.