What is the ratio in Macaura v Northern Assurance?

Shareholders, even sole shareholders, have no insurable interest in company property as they own shares in the company, not the company's assets.

What did the court decide in Macaura v Northern Assurance?

The House of Lords held Macaura could not claim on insurance policies for company property as he had no insurable interest in it.

It demonstrates the strict application of separate corporate personality and the distinction between owning shares and owning company assets.

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