Trimpoint Maintenance, Inc. (TMI), a property maintenance service, leased storage and office space at Hilltop Corporate Complex. TMI also maintained and operated the complex’s lighting, ventilation systems, and common areas. Marketplace Insurance Co. insured TMI against losses caused by damage to “property owned, leased, used, or controlled” by TMI. When fire destroyed Hilltop, TMI filed a claim with Marketplace.

Was TMI entitled to recover for the loss of its Hilltop operations? Yes. TMI was entitled to compensation for the loss of all of its operations at Hilltop. For property insurance, an insurable interest must exist at the time that the ______________. TMI’s Marketplace policy included coverage for property that the insured “owned, leased, used, or controlled.” At the time of the loss at Hilltop, TMI ______________ an insurable interest in the storage and office space that it leased in the buildings, as well as the common areas that it maintained and on which its income depended.