Jim borrowed $700,000 from Suburban Bank to buy a boat for his Alaskan king crab fishing business. He keeps the boat at a dock owned by the Barnacle Company. Jim also has a contract with the Landshark Fishing Company to transport his crabs from one port to another. Include the following in your paper:
Do any of the following parties have an insurable interest in Jim or his property? If an interest exists, explain the extent of the interest.
Suburban Bank
Barnacle Company
Landshark Fishing Company
If Jim did not own the boat but operated it on behalf of the Landshark Fishing, would he have an insurable interest in the boat? Explain your answer.
Sample Solution