Double Insurance and Contribution
Two or more marine policies on the same interest, the assured's recovery under MIA 1906 s.32, and rateable contribution between insurers.
Double insurance exists where two or more marine policies cover the same interest and together exceed the indemnity allowed by the Marine Insurance Act 1906. Under s.32 the assured may claim in any order but cannot recover beyond the indemnity, and any excess is held in trust for the insurers, who contribute rateably under s.80.
The full article will cover the credit rule under a valued policy, return of premium under s.84(3)(f), overlapping seller and buyer cargo covers, and the 2025 PRC Maritime Code rule in Article 251. The cargo insured value article covers how this topic affects the sum insured on a cargo policy.