Mr. A insures his house worth Rs. 10 crores with two insurers HDFC for Rs. 7.50 crores and Bajaj Allianz for Rs. 7.50 crores. The actual loss of house destroyed is Rs. 7 crores. Now, Mr. A can claim full loss of Rs. 7 crores either from HDFC or Bajaj Allianz or proportionately Rs. 3.5 crores from each of them.
Which principle of insurance is applicable in this situation?
