Va. Code » Title 38.2. Insurance » Chapter 3. Provisions Relating to Insurance Policies and Contracts
Virginia Code

Va. Code Ann. § 38.2-303 (2026)

Insurable interest required; property insurance

✓ current as of May 2026
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A. No insurance contract on property or on any interest therein or arising therefrom shall be enforceable except for the benefit of persons having an insurable interest in the property insured.

B. As used in this section, "insurable interest" means any lawful and substantial economic interest in the safety or preservation of the subject of insurance free from loss, destruction or pecuniary damage.

1952, c. 317, § 38.1-331; 1986, c. 562.

Notes of Decisions
Cited in 5 cases (1 in the last 5 years), 2003–2026 · leading case: Tiger Fibers, LLC v. Aspen Specialty Ins., 594 F. Supp. 2d 630 (E.D. Va. 2009).
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Tiger Fibers, LLC v. Aspen Specialty Ins., 594 F. Supp. 2d 630 (E.D. Va. 2009). · cites it 7× “” Va. Code Ann. § 38.2-303 (B). Aspen contends that Atlantic, a lessee, lacks an insurable interest in the Law-renceville property.”
Erie Ins. Exch. v. EPC MD 15, LLC, 822 S.E.2d 351 (Va. 2019). · cites it 2× “June 2, 2016) (unpublished) ("[I]n rare instances, a limited liability company's corporate veil may be pierced to hold a member personally liable."). 7 EPC asserts that, as the sole member of Cyrus Square, EPC has an insurable interest in the building owned by Cyrus Square.”
B a Props., Inc. v. Aetna Cas. & Sur. Co., 273 F. Supp. 2d 673 (D.V.I. 2003). “Many jurisdictions require by statute that the insured have an insurable interest at the time of loss.”
Fagg v. Progressive Gulf Ins. Co. (W.D. Va. 2020). · cites it 3× “Virginia Code § 38.2-303 requires that any person seeking to benefit from an insurance contract must have an “insurable interest” in the relevant property.”
Sherrill Worth Stockton, III v. New York Life Ins. Co. (W.D. Va. 2026). · cites it 2× “Virginia Code § 38.2-303 applies insurable interest requirements only to property insurance, and Scottsdale Ins.”
— Va. Code Ann. § 38.2-303(A) — 1 case
Tiger Fibers, LLC v. Aspen Specialty Ins., 594 F. Supp. 2d 630 (E.D. Va. 2009). “” Va. Code Ann. § 38.2-303 (B). Aspen contends that Atlantic, a lessee, lacks an insurable interest in the Law-renceville property.”
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