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

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

(c)  No person shall knowingly sell, solicit,negotiate, or make any contract for insurance which would result inover-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 shallsubject the violator to the penalties provided by this code. [L 1987, c 347, ptof §2; am L 2002, c 155, §74]