Idaho State Statutes - Idaho Attorney Directory

(1) A lessee obtains an insurable
interest when existing goods are identified to the lease contract even though
the goods identified are nonconforming and the lessee has an option to reject
them.
(2) If a lessee has an insurable interest only by reason of the lessor's
identification of the goods, the lessor, until default or insolvency or
notification to the lessee that identification is final, may substitute other
goods for those identified.
(3) Notwithstanding a lessee's insurable interest under the provisions of
subsections (1) and (2) of this section, the lessor retains an insurable
interest until an option to buy has been exercised by the lessee and risk of
loss has passed to the lessee.
(4) Nothing in this section impairs any insurable interest recognized
under any other statute or rule of law.
(5) The parties by agreement may determine that one (1) or more parties
have an obligation to obtain and pay for insurance covering the goods and by
agreement may determine the beneficiary of the proceeds of the insurance.

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