Commercial Maritime Law

1. The insurer may request that the insurance contract be revoked if the amount of insurance coverage exceeds the value of the insured items, and it is established that the insured or his agent have committed fraud. In such case, the competent judicial authority may award the insurer an amount not exceeding the insurance premium, taking into consideration any damage sustained by the insurer. In the absence of fraud, the contract shall remain valid to the extent of the value of the insured items. 2. If the amount of insurance coverage is lower than the actual value of the insured items, the insurer's liability shall be limited to the amount of insurance coverage.