RIGHTS OF INSURER ON PAYMENT
When then insurer pays for a total loss, he is entitled to whatever remains of the subject matter insured, but if he pays for a partial loss, he shall acquire no title to the subject matter insured or such part of it as may remain. However, in both cases, he is subrogated to all right and remedies of the assured in and in respect of the subject matter insured as from the time of casualty causing the loss. In other words, he can bring an action in the assureds’ name against any person responsible for the loss.
Where the assured is over insured by double insurance, each insurer shall be bound, as between himself and the other insurers, to contribute ratably to the loss in proportion to the amount for which he is liable under his contract. And if any insurer pays more than his proportion of loss, he shall be entitled to maintain an action for contribution against the other insurers, and be entitled to the like remedies as a surety who has paid more than his proportion of the debt.
Where an assured is insured for an amount less than the insurable value or in the case of a valued policy for an amount less than the policy valuation, he shall be deemed to be his own insurer in respect of the uninsured balance.
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