The word "insurable" means that something or someone can be covered by insurance. It indicates that the thing or person has the necessary qualities or conditions to be protected by an insurance policy.
A matter of some interest — New Law Journal NLJ (2008) 158 NLJ 435 — the requirement of insurable interest in non-indemnity insurance — a sketch of the current law — arguments for change and the Law Commission's consultation. (radcliffechambers.com)