When the same risk is insured with several insurers, this is known as double insurance. This can happen when someone accidentally takes out insurance twice for the same asset, such as travel insurance via a credit card as well as a separate policy.
In such a case, in case of damage, the compensation is divided between the insurers involved. You will never be paid more than the actual damage suffered. It is therefore a good idea to check which coverages you already have so that you do not pay twice unnecessarily.
Disclaimer
This page is part of a lexicon and does not provide product information or contractual details on insurance services. For specific information, please refer to the official documentation or contact your insurance agent.