law: Marine Insurance Act, 1963 
  34. Double insurance
  (1) Where two or more
  
  policies are effected by or on behalf of the assured on the same adventure and
  
  interest or any part thereof, and the sums insured exceed the indemnity allowed
  
  by this Act, the assured is said to be over-insured by double insurance.
  (2) Where the assured
  
  is over-insured by double insurance-
  (a) the assured, unless the policy otherwise
  
  provides, may claim payment from the insurers in such order as he may think fit,
  
  provided that he is not entitled to receive any sum in excess of the indemnity
  
  allowed by this Act;
  (b) where the policy under which the assured
  
  claims is a valued policy, the assured must give credit as against the
  
  valuation, for any sum received by him under any other policy, without regard
  
  to the actual value of the subject-matter insured;
  (c) where the policy under which the assured
  
  claims is an unvalued policy he must give credit, as against the full insurable
  
  value, for any sum received by him under any other policy;
  (d) where the assured received any sum in
  
  excess of the indemnity allowed by this Act, he is deemed to hold such sum in
  
  trust for the insurers, according to their right of contribution among
  
  themselves.