- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 12. Leases
- Section 218. Insurance and Proceeds.
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. Risk of Loss.
AS 45.12.218. Insurance and Proceeds.
- (a) 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.
- (b) 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
- (c) Notwithstanding a lessee's insurable interest under (a) - (b) 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.
- (d) This section does not impair an insurable interest recognized under another statute or rule of law.
- (e) The parties by agreement may determine that one 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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