4. Double insurance
Double insurance means insuring a risk with two or more insurers and the total sum insured also exceeds the actual value of the subject matter.
Double insurance is a form of insurance where the same risk is covered in multiple insurance policies in the same area.
It simply means to get the same insurance coverage with more than one insurer or the same insurer under different policies. Here, the total sum insured exceeds the actual value.
It is possible on all types of insurance contracts.