Article 949. Incomplete property insurance.
If the insured amount is lower than the insured value in the property or business risk insurance contract, the insurer is obliged to compensate the insured (beneficiary) part of the losses incurred by the insurer in proportion to the insured amount to the insured value when the insured event occurs. The contract may provide for a higher amount of insurance compensation, but not higher than the insured value.
References to other articles of chapter 48. Insurance: