Article 1859. Maximum Sums Payable

(1) The sum insured may not exceed the actual value of the insured property.
(2) The insurer shall not be obliged to pay more than the amount necessary to indemnify losses actually suffered by the insured.
(3) Notwithstanding the provisions of para.(1), the parties may provide for a clause which provides for the agreed value of the insured property and which obligates the insurer to indemnify for the agreed value even if the said value exceeds the actual value of the property, provided that there was no operative fraud or misrepresentation on the part of the policyholder or insured at the time the value was agreed.