§431:10E-102  Over-insurance prohibited;
exceptions.  (a)  Over-insurance shall be deemed to exist if property or an
insurable interest in the property is insured by one or more insurance
contracts against the same hazard in any amount in excess of the actual cash
value of the property or of such interest, as determined as of the effective
date of the insurance or of any renewal thereof.



(b)  For the purposes of this section only, the
term actual cash value means the cost of replacement less such depreciation as
is properly applicable to the subject insured.



(c)  No person shall knowingly sell, solicit,
negotiate, or make any contract for insurance which would result in
over-insurance of the property or interest therein proposed to be insured,
except as is provided in section 431:10E-103.



(d)  Each violation of this section shall
subject the violator to the penalties provided by this code. [L 1987, c 347, pt
of §2; am L 2002, c 155, §74]