Article 947. Sum Insured.
1. The amount within which the insurer undertakes to pay the insurance indemnity under the property insurance contract or which it undertakes to pay under the personal insurance contract (insured amount) is determined by the agreement of the insured with the insurer in accordance with the rules provided for in this article. 2. When insuring property or business risk, unless otherwise provided by the insurance contract, the insured amount shall not exceed their actual value (insured value). This value is: for the property, its actual value at its location on the day of the conclusion of the insurance contract; for entrepreneurial risk, losses from entrepreneurial activity that the insured would be expected to incur if the insured event occurred. 3. In contracts of personal insurance and contracts of civil liability insurance, the sum insured is determined by the parties at their discretion.
References to other articles of chapter 48. Insurance: