Cap. 13 ст. 404Several contracts of insurance of the same subject.

(1) Where there are several contracts of insurance effected without fraud on the same subject, and the first contract covers the entire value thereof, such first contract only shall hold good.

(2) The insurers who have signed the subsequent contracts shall be discharged, and shall only receive one half on per centum the sum insured, or one half of the premium, according to the provisions of article 386.

(3) If the entire value of the goods loaded is not covered by the first contract, the insurers who have signed the subsequent contracts shall be answerable for the remaining value, according to the order of the date of the contracts.