Horst and Jurgen Romani grew up in Europe. As an adult, Horst immigrated to Vancouver. Jurgen remained behind and, while in France, developed an idea for a perfume company. He then began to purchase the necessary supplies and equipment. As his project neared fruition, he asked his brother to join him in the venture. Although Horst was initially skeptical, he was eventually persuaded and agreed to meet the expenses associated with transporting Jurgen and his materials from France to Canada. Horst also gave his brother $11 000 to purchase additional materials. Once they were reunited in British Columbia, the pair informally agreed that they would create a company named Roma France Ltd to manufacture and distribute perfume in this country. They did not, however, actually go through the process of incorporation. Furthermore, while all the property was stored in Horst's basement, it still belonged to Jurgen. Horst nevertheless purchased a fire insurance policy for it. In fact, a fire did occur and destroyed all the equipment and supplies that the brothers had intended to use in their business. The insurance company, however, has refused to honour the policy on the grounds that the property in question belonged to Jurgen, with the result that Horst did not have an insurable interest in it. Is the insurer's argument persuasive? Explain your answer.