Ang Ka Yu v.

Phoenix Assurance - Insurable

Interest
1 CARA 704
Facts:
> Ang Ka Yu had a piece of property in his possession. He insured it with Phoenix.
> The property was lost, so Ang Ka Yu sought to claim the proceeds.
> Phoenix denied liability on the ground that Ang was not the owner but a mere possessor and
as such, had no insurable interest over the property.

Issue:

Whether or not a mere possessor has insurable interest over the property.

Held:
Yes.
A person having a mere right or possession of property may insure it to its full value and in his
own name, even when he is not responsible for its safekeeping. The reason is that even if a
person is NOT interested in the safety and preservation of material in his possession because
they belong to 3rd parties, said person still has insurable interest, because he stands either to
benefit from their continued existence or to be prejudiced by their destruction.