According to Statutory Condition 2, what type of property is the insurer not liable for unless the insured's interest is stated?

Statutory Condition 2 addresses the insurer's liability concerning property ownership and interests. Under this condition, the insurer is not liable for property that is owned by anyone other than the insured unless the insured's specific interest in that property is explicitly stated in the policy. This means that if the insured does not have a vested interest in the property, which is owned by a third party, the insurance policy does not extend coverage to include that property.

The reasoning behind this is to define the boundaries of coverage clearly and ensure that the insurer is only responsible for those risks that are associated with property the insured has a legitimate interest in. It protects the insurer from claims related to unrelated third-party property, which could otherwise complicate the underwriting process and risk assessment.

In cases concerning property in the care, custody, or control of the insured, or property owned by the insured, coverage can be established if those interests are part of the defined insured properties. Therefore, these types of property would not be excluded from coverage based on the insured's lack of interest.