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Glossary
The contract

Insurable interest

Economic relationship between the insured and the asset or person exposed to the risk. Without interest, there is no valid insurance contract.

In practice

It is what prevents insuring someone else's property and what obliges to review who is listed as insured after a corporate restructuring: a warehouse that has been transferred to a holding company no longer has the interest where it was.

Related terms

InsuredHolder of the interest exposed to the risk. May or may not coincide with the policyholder, who is the one who signs the contract and pays the premium.Financial Interest CoverSolution that insures the loss of value of the parent company's stake in its subsidiary, instead of insuring the local asset.Leasing clauseDesignation of the financial lessor or mortgage creditor as the preferred beneficiary of the compensation on the financed asset.AccidentEvent of violent, sudden, external cause beyond the insured's will that causes bodily or material damage.Direct action of the injured partyRight of the person who has suffered damage to claim compensation directly from the insurer of the responsible party, without going through them.Aggravation of riskChange in declared circumstances that increases the probability or intensity of the claim. The policyholder must communicate it as soon as possible.
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