What may be insured?
The Insurance Code provides under Section 3 that any contingent or unknown event which may damnify a person having an insurable interest, or create a liability against him, may be insured against. For example, the destruction of a vehicle due to an accident may be insured against because it is a future event which will damnify the owner.
May a past event be covered by insurance?
As a general rule, only future events may be covered by an insurance contract. An exception however is provided by he Insurance Code. Thus a past event may be covered by a marine insurance. If the loss of the vessel in the past could not have been known by ordinary means of communication, then it could be the subject of marine insurance.
Can I get an insurance for not winning in a lottery?
No. The Insurance Code does not authorize an insurance for or against the drawing of any lottery or for or against any chance or ticket in a lottery drawing a prize. Thus if Juan buys a lotto ticket, he cannot insure himself against the failure of his ticket to win a prize because even if he were not to win, it cannot be argued that he suffered a loss of the prize.