In cases of overinsurance, the insured is entitled to a return of the premium as follows: 1. In overinsurance by several insurers, to a ratable return of premium proportioned to the amount by which the aggregate sum insured in all the policies exceeds the value of the thing at risk. 2. In overinsurance effected by simultaneous policies, the insurers contribute to the premium to be returned in proportion to the amount insured by their respective policies. 3. In overinsurance effected by successive policies, those only contribute to a return of the premium who are exonerated by prior insurance from the liability assumed by them and in proportion as the sum for which the premium was paid exceeds the amount for which, on account of prior insurance, they could be made liable.
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