Macaura vs Northern Assurance Co. Ltd

In this case, Mr.Macaura was the Managing director of the company and he was also the chief creditor of the company. He insured the timber of the company on his personal name. After some time the timber was destroyed by the case was filed against the insurance company to recover the claim by Mr.Macaura. The insurance company refused to pay anything and it was correct because the court said that the timber is the property of the company and it should be insured in the name of the company because the company is a separate legal entity different from Mr.Macaura this means that no one has any insurable interest in the property of the company.