Insurable

GSIS is mandated by Republic Act No. 656 or the Property Insurance Law to ensure all government properties, assets, and interests against any insurable risk.

The key point is if a person does not own something, they cannot insure it unless they otherwise have an insurable interest.

We are trying to restock, but plants are not insurable and take time to grow, so we are having a tough go.

We have to get insurance companies if we want a mortgage to cover the building's insurance but they charge us and know the risk and when they have an event that's insurable, they don't want to do the underpinning so they try find alternatives.

Provinces like Alberta and Saskatchewan, experienced catastrophic increases of 495% and 302%in average annual insurable losses respectively, while Ontario had a 89% increase in the last decade.

Asked if policies might be written differently in the future and start to cover pandemic-related losses, Walker said whether an event like COVID-19 could be insurable has been the “question of the day” for insurance companies.

The 2013 southern Alberta floods, for example, caused nearly $2 billion in insurable losses, demonstrating the damage that can occur when city planning does not take the natural ecosystem into consideration.

The key features of an insurable interest are: Property, rights, interest, life, limb or potential liability on the insured capable of being covered by an insurance policy and such must be subject matter of insurance.

Events that contain speculative elements such as ordinary business risks or even purchasing a lottery ticket are generally not considered insurable.

However, anyone can purchase a CDS, even buyers who do not hold the loan instrument and who have no direct insurable interest in the loan (these are called "naked" CDSs).

Insurable interest must exist whether property insurance or insurance on a person is involved.

Some of these risks may be self-insurable, while most will require the purchase of an insurance contract.