Cap. 13 Art. 403Insurance for an amount over or under the real value.

(1) An insurance effected for an amount exceeding the value of the subject insured is void as regards the assured only, if fraud or deceit on his part be proved.

(2) If no fraud or deceit is proved, the insurance is valid up to the value of the subject insured, and, in regard to the excess, the insurers shall receive one half or one half of the per centum, premium, according to the provisions of article 386.

(3) An agreement that the insurer shall be answerable for the whole amount stated in the contract, independently of the value of the subject insured, is valid.

(4) Where the insurance is effected for a value less than the real value, the insurer shall only be liable in proportion to the value stated.