TITLE 11 Section 99.

A reinsurance is presumed to be a contract

DOUBLE INSURANCE
Section 95. A double insurance exists where the same
person is insured by several insurers separately in
respect to the same subject and interest.
of indemnity against liability, and not merely against
damage.
Section 100. The original insured has no interest in a
contract of reinsurance.

Section 96. Where the insured in a policy other than life

is over insured by double insurance:

(a) The insured, unless the policy otherwise provides,

may claim payment from the insurers in such order as he
may select, up to the amount for which the insurers are
severally liable under their respective contracts;

(b) Where the policy under which the insured claims is a

valued policy, any sum received by him under any other
policy shall be deducted from the value of the policy
without regard to the actual value of the subject matter
insured;

(c) Where the policy under which the insured claims is

an unvalued policy, any sum received by him under any
policy shall be deducted against the full insurable value,
for any sum received by him under any policy;

(d) Where the insured receives any sum in excess of the

valuation in the case of valued policies, or of the
insurable value in the case of unvalued policies, he must
hold such sum in trust for the insurers, according to their
right of contribution among themselves;

(e) Each insurer is bound, as between himself and the

other insurers, to contribute ratably to the loss in
proportion to the amount for which he is liable under his
contract.

TITLE 12
REINSURANCE

Section 97. A contract of reinsurance is one by which an

insurer procures a third person to insure him against loss
or liability by reason of such original insurance.

Section 98. Where an insurer obtains reinsurance,

except under automatic reinsurance treaties, he must
communicate all the representations of the original
insured, and also all the knowledge and information he
possesses, whether previously or subsequently acquired,
which are material to the risk.