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HMRC internal manual

VAT Insurance

What is insurance for the Purpose of the Exemption: Insurable Interest

Having an insurable interest in the subject matter of the contract is particularlyimportant. It means that if the insured risk occurs, the person who is insured stands tosuffer some loss. This is significant because it could mean that there is a supply ofinsurance to someone who is not specifically named in the insurance contract. This is amatter to consider if you are trying to establish if there is a separate supply ofinsurance or merely a recharge of costs.