Matter of Progressive Specialty Ins. Co. v Alexis, 2014 NY Slip Op 07668 (2d Dept. 2014)
The term insurable interest is always interesting. What is it really? Well the Appellate Division discusses this a bit:
“As the owner of the vehicle, So Mi Ko had an insurable interest for which New York Central provided coverage (seeInsurance Law § 3401; Scarola v Insurance Co. of N. Am., 31 NY2d 411, 412-414; Azzato v Allstate Ins. Co., 99 AD3d 643, 650-651). Accordingly, New York Central’s cancellation of So Mi Ko’s policy on this ground was improper and, therefore, invalid (see Matter of Lumbermens Mut. Cas. Co. [Brooks], 13 AD3d 198, 199; Nassau Ins. Co. v Hernandez, 65 AD2d 551, 552; cf. Matter of State Farm Mut. Auto. Ins. Co. v Cherian, 202 AD2d 434, 435-436).”
