If a tenancy agreement states the tenant is responsible for damage to the building, what gives the tenant insurable interest?

The correct answer is the aspect of the contract. Insurable interest arises when a party has a legal or equitable interest in the subject matter of the insurance. In this context, when a tenancy agreement specifies that the tenant is responsible for damage to the building, it establishes a contractual obligation. This responsibility creates an insurable interest because the tenant stands to suffer a financial loss if damage occurs to the building. The rental agreement delineates the terms under which the tenant assumes this responsibility, thereby allowing the tenant to seek insurance protection against potential liabilities and losses.

Common law, estoppel, and statute do not directly establish the specific insurable interest in this context since they do not create an explicit financial obligation regarding the damage to the building as the contract does. Instead, they might influence other legal principles or rights but do not directly address the tenant's responsibility and ability to obtain insurance coverage based on that responsibility.