Civil Code · English · 2015
Article 2658
Definition
(1)
A contract for property insurance is a contract of indemnity under which the insurer agrees to indemnify the insured if a specified risk of loss or damage to the property covered by the policy materializes.
#(2)
The insurer’s obligation to indemnify shall not exceed the lower of the market or insured value of the property covered by the policy on the day the loss or damage occurs.
#