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Current as of January 01, 2022 | Updated by FindLaw Staff
§ 40. Insurable interest.
(a) Notwithstanding any other law, statute, rule, or regulation to the contrary, a car-sharing program shall have an insurable interest in a shared vehicle during the car-sharing period and may provide or offer to provide coverage to a shared-vehicle owner or a shared-vehicle driver under the policy of insurance described in subsection (c).
(b) Nothing in this Section shall be construed as modifying the obligations of the car-sharing program pursuant to Section 10.
(c) A car-sharing program may own and maintain, as the named insured, one or more policies of motor vehicle liability insurance that separately or in combination provides coverage for:
(1) liabilities assumed by the car-sharing program under a car-sharing agreement;
(2) any liability of the shared-vehicle owner;
(3) damage or loss to the shared vehicle; or
(4) any liability of the shared-vehicle driver.
Cite this article: FindLaw.com - Illinois Statutes Chapter 815. Business Transactions § 312/40. Insurable interest - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-815-business-transactions/il-st-sect-815-312-40/
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