oa Comparative and International Law Journal of Southern Africa - Versekering sonder versekerbare belang?
It is submitted in the article that the concept of insurable interest should be abandoned in favour of the clear-cut concept of damage, not simply because we can do without insurable interest, but especially because the application of this doctrine had complicated matters in the past and lead to erroneous results. Not only was this doctrine responsible for the refusal of justifiable claims for indemnity (e g in the case of insurance by a shareholder), but it is the cause of certain unjustifiable claims being upheld. The conclusion is unavoidable : whereas an express or implied indemnity-clause is the test for a proper insurance contract, the limit of the insurer's performance is the amount of loss suffered by the insured. Insurable interest is best forgotten.
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