(1) Where two or more insurance contracts are effected simultaneously or successively to cover the same subject matter insured and the same event, if the sum of the insured amounts exceeds the insurable value, the individual insurers have a joint and several liability up to the amount insured by each one. In such cases, each insurer's liability for compensation shall be determined based on the proportion to the amounts each insured. <Amended by Act No. 4470, Dec. 31, 1991>
(2) Where two or more insurance contracts are effected to cover the same subject matter insured and the same event, a policyholder shall notify each insurer of the contents of each insurance contract. <Amended by Act No. 4470, Dec. 31, 1991>
(3) The provisions of Article 669 (4) shall apply mutatis mutandis to contracts of insurance under paragraph (1).