§ 26-15-104 — Insurable interest in property; "insurable interest" defined

(a) No contract of insurance of property or of any
interest in property or arising from property is enforceable as
to the insurance except for the benefit of persons having an
insurable interest in the things insured at the time of the
loss.
(b) The measure of an insurable interest in property is
the extent to which the insured might be directly or indirectly
damnified by loss or impairment thereof.
(c) "Insurable interest" as used in this section means any
actual, lawful and substantial economic interest in the safety
or preservation of the subject of the insurance free from loss,
destruction or pecuniary damage or impairment.