Abstract:

The policyholder may insure the insured interest up to its full value, or the sum insured may be lower or higher than the sum insured. If the sum insured is lower than the insurance value, it is referred to as underinsurance; if the sum insured is higher than the insurance value, it is referred to as excess insurance. In case of underinsurance, the policyholder may request to insure the insured interest with other insurers up to its full value. Although the policyholder has insured the interest at full value, he may have insured the same interest against the same risks with another insurer. This situation, which is called multiple insurance, is regulated under Articles 1465 to 1468 of the Turkish Commercial Code (TCC). Article 1465 of the TCC regulates the general rule regarding multiple insurances, 1466 regulates joint insurance, 1467 regulates double insurance and 1468 regulates partial insurance. With partial insurance, the insurer insures the insured interest up to its full value. Subsequent insurers are liable according to the date of the insurance contract.

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