Article 951. Consequences of insurance beyond the insured value.
1. If the insured amount specified in the property or business risk insurance contract exceeds the insured value, the contract is void in that part of the insured amount that exceeds the insured value. The overpaid part of the insurance premium is not refundable in this case. 2. If, in accordance with the insurance contract, the insurance premium is paid in installments and by the time of establishing the circumstances specified in clause 1 of this article, it is not fully paid, the remaining insurance premiums must be paid in the amount reduced in proportion to the reduction of the sum insured. 3. If the overstatement of the insurance amount in the insurance contract was the result of fraud by the insured, the insurer is entitled to demand that the contract be recognized as invalid and compensation for damages caused to it in an amount exceeding the amount of the insurance premium received from the insured. 4. The rules provided for in paragraphs 1 to 3 of this article, respectively, also apply when the insured amount exceeds the insured value as a result of insuring the same object with two or more insurers (double insurance). The amount of insurance compensation payable in this case by each of the insurers is reduced in proportion to the reduction of the original insurance amount under the relevant insurance contract.
References to other articles of chapter 48. Insurance: