When must insurable interest in a property policy be proven?

Insurable interest in a property policy must be proven at the time of loss. This is because, in order to claim benefits from an insurance policy, the policyholder must demonstrate that they have a valid financial interest in the property at the moment the loss occurs. This requirement helps ensure that insurance policies are used for legitimate purposes, preventing fraud by ensuring that individuals are not able to claim benefits for property they do not have a financial stake in.

Establishing insurable interest at the time of loss aligns with the principle of indemnity, which is fundamental in insurance law. It ensures that the party making the claim has a valid reason for receiving compensation, thus protecting the integrity of the insurance model.

While it might be critical to have insurable interest when a policy is issued or renewed, the key moment for proving this interest in the context of making a claim is indeed at the time of loss. The other moments, such as at policy issuance or renewal, emphasize the need for insurable interest but do not provide the definitive proof required for claims processing.