Property insurance policies require that an insured have a financial interest in the insured property. Courts have defined a “financial interest” as either: “(1) a monetary right, title, or legal share in the property; (2) a monetary advantage, profit, and responsibility, i.e. a monetary stake or claim in the property; or (3) a monetary share of the ownership or control in the property.”1 A financial interest might include a leasehold interest pursuant to a written lease if the lease contains an obligation to procure insurance or repair the property.
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