Macaura v northern assurance co 1925 what is the fact and the decision and principal and the law and reason?

Answer 1

In this precedent, the owner of a timber company insured the timber in his own name, then incorporated the business. Not long after the incorporation, a fire broke out and destroyed the insured property. As such he tried to claim but was held to have no insurable interest in the property anymore: it belonged to the company which had a separate legal personality. This was despite the fact he was the sole shareholder and was also a creditor of the company to a large extent.