{"data":{"id":"us-ky/krs-355.2a-218","jurisdiction":"us-ky","citation":"KRS 355.2A-218","heading":"Insurance and proceeds.","body":"(1) A lessee obtains an insurable interest when existing goods are identified to the lease\ncontract even though the goods identified are nonconforming and the lessee has an\noption to reject them.\n(2) If a lessee has an insurable interest only by reason of the lessor's identification of the\ngoods, the lessor, until default or insolvency or notification to the lessee that\nidentification is final, may substitute other goods for those identified.\n(3) Notwithstanding a lessee's insurable interest under subsections ( 1) and (2), the\nlessor retains an insurable interest until an option to buy has been exercised by the\nlessee and risk of loss has passed to the lessee.\n(4) Nothing in this section impairs any insurable interest recognized under any other\nstatute or rule of law.\n(5) The parties by agreement may determine that one (1) or more parties have an\nobligation to obtain and pay for insurance covering the goods and by agreement\nmay determine the beneficiary of the proceeds of the insurance.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33375","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:43Z","sha256":"3e23becc99ba677305bf5c33659abd1020a17c6f297e3558f97b56d8747909b5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.2a-217","next":"us-ky/krs-355.2a-219"},"notice":"GroundRules: Original legal text. Not legal advice."}