What happens when insurable interest ceases under the AAIS Installation Floater?

When insurable interest ceases under the AAIS Installation Floater, the critical factor is that coverage is tied to the property or project being insured. Once payment has been made for the work or materials involved, the insurable interest from the insured party typically ends. This reflects the principle that coverage is meant to protect against risks associated with loss or damage while the insured entity has a financial stake in the property or project.

Thus, when payment is received, the need for that specific coverage diminishes, resulting in the cessation of the insurance coverage. This aligns with the nature of the policy, which is designed to provide protection during the installation phase, but not after the project's completion and payment have been made. Future needs for coverage would require a different policy or endorsement as the risk exposure changes once the installation is complete and the insured party no longer holds an insurable interest in the work or materials.