Civil Code · English · 2015
Article 2664
Property Overinsured
(1)
If the compensation provided in the policy exceeds the value of the property insured and there has been fraud on the part of either party, the other party may terminate the policy and may in addition claim damages.
#(2)
If there has been no fraud, the policy shall remain in force but only to the extent of the actual value of the property insured.
#(3)
If the insured reduces the insurance coverage, the insurer shall adjust the premiums to be paid to reflect the new coverage but he shall be entitled to retain all premiums paid prior to the reduction.
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