P&COhioeasy
Under R.C. 3911.09, when must an insurable interest exist in order for a property insurance contract to be enforceable in Ohio?
At the time of loss
BOnly at the time the application is signed
COnly at policy renewal
DBoth at issuance and at every premium payment
Why this is the answer
R.C. 3911.09 codifies the common rule for property coverage: an insurable interest must exist when the loss occurs. The Ohio rule prevents wagering contracts and ties indemnity to a real economic relationship to the property at the moment damage takes place.
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