(1) A contract of guarantee insurance is a contract whereby the insurers undertake to indemnify the assured in case of loss arising from the debt, default, or miscarriage or another person, or against the happening or failure to happen of any contingency in respect of which the assured has an insurable interest.
(2) A person is deemed to have an insurable interest in a future event, when its happening or failure to happen will naturally involve him or her in either gain or loss.