Section 867.- A contract of insurance is not enforceable by action unless there be some written evidence signed by the party liable or his agent.

A policy of insurance conforming to the contract shall be delivered to the assured.

The policy must be signed by the insurer and contain :

(1)    The subject of the insurance ;

(2)    The risk taken by the insurer ;

(3)    The value of the insurable interest, if that has been fixed ;

(4)    The sum insured ;

(5)    The amount of the premier and manner of its payment ;

(6)    If the duration of the insurance has been fixed, the commencement an ending ;

(7)    The name or trade name of the insurer ;

(8)    The name or trade name of the assured ;

(9)    The name of the beneficiary, if any ;

(10) The date of the contract of insurance ;

(11) The place where, and the date when, the policy was made.

 

Section 868.- Contracts of Maritime insurance shall be governed by the provisions of the Maritime law.

 

CHAPTER II

INSURANCE AGAINST LOSS

PART I

GENERAL PROVISIONS

 

Section 869.- “Loss”, within the meaning of this Chapter, includes any injury which may be estimated in money.

 

Section 870.- If two or more contracts of insurance are made simultaneously for the same loss and the total amount of the sum insured exceeds the actual amount of the loss, the beneficiary is entitled to receive compensation up to such amount only. Each insurer must pay a part of the actual loss in proportion to the sum insured by him.

Contracts of insurance are deemed to have been simultaneously if their dates are the same.

If two or more contracts of insurance are made successively, the first insurer is first liable for the loss. If the amount paid by him is not sufficient to cover the loss, the next insurer is liable for the difference and so on, till the loss is covered.

 

Section 871.- If two or more contracts of insurance are made simultaneously or successively, a renunciation of the right against one of the insurers does not affect the rights and duties of the others.

 

Section 872.- Before the risk begins, the assured may terminate the contract, but the insurer is entitled to one half of the premium.