In general, almost anything material and immaterial can be insured. But for something to be insured, it must meet all of the following requirements:
- It must be material (e.g., a car, house, business, etc.) or immaterial (financial loss due to stoppage of an activity, etc.).
- It must exist at the time the insurance is taken out, or at least at the time when the risks start to become apparent.
- You must be able to assess it in monetary terms.
- It must be subject to lawful valuation.
- It must be exposed to loss because of the risk to the insured.
On the other hand, illicit objects of trade (e.g., a shipment of narcotics) cannot be insured.
Whether something is insurable or not, there is not always insurance for everything. And most insurance is a ready-made product, already designed to cover one or more specific situations. In the end, the policyholder must choose the coverage that best suits their needs or budget.