"  If  the  sums  insured  exceed  tlie  value  of  the  property  covered,  the  loss
is  to  bo  shared  pro  rata  with  the  insured."

"  If  the  sums  insured  do  not  exceed  the  value  of  the  property  covered,
the  policies  pay  such  proportion  of  the  loss,  as  the  sums  they  respectively
insure  bear  to  the  value  of  the  property  covered  by  the  insurance/'

SECOND — NON-CONCURRENT  POLICIES.
3175«  "  Divide  the  sums  insured  pro  rata  with  the  values  of  the  ram^s
(numbers  of  items)  to  which  they  respectively  apply.  Or,  multiply  the  value
of  each  item  by  the  ratio  of  liability  of  the  policies  respectively  applying
thereto,  and  the  sum  insured  by  each  policy  on  each  item  will  be  obtained.
"  In  case  of  any  item  on  which  the  sums  thus  shown  to  be  insured
exceeds  the  value,  the  loss  is  divided  pro  rata  with  the  sums  insured."

In  case  of  any  items  on  which  the  sums  thus  shown  to  be  insured  do
not  exceed  the  value,  the  policies  covering  thereon  pay  such  proportion  of
the  loss  as  the  sums  they  respectively  insure  thereon  bear  to  the  value
thereof.
