Shortcomings of legal provisions on insurable interests in property insurance

Abstract

Insurable interest in property insurance is the core principle for the parties to enter into a property insurance contract. This principle covers the relevant interests or benefits of the purchaser of insurance which are in connection with or dependent upon the security or insecurity of the subject-matter insured. However, many shortcomings remain in the current legal provisions of Vietnam on insurable interests in property insurance which are not in line with the practice of insurance business. On the basis of analysing the shortcomings of the current law of Vietnam in this regard and researching the insurance law of foreign countries, the paper proposes to develop a relevant concept of insurable interests in property insurance under the Law on insurance business of Vietnam.