Explain the following terms of principles of Insurance : Principle of Contribution.

Principle of Contribution: The Principle of Contribution is a corollary of the doctrine of indemnity. This rule is of ancient origin and was recognised by the Chancery Courts in North British and Mercantile vs. Liverpool and London Glob. It was held that contribution exists where the thing is done by the same person against the same loss, and to prevent a man first of all: (1) recovering more than the whole loss; or (2) if he recovers the whole loss from one which he could have recovered from the other, then to make the parties contribute ratably. The Principle of Contribution has application where there is the person insuring the same interests with more than one office. This is commonly referred to as 'double insurance'. The genesis of contribution lies in the liberty of the assured to insure the same property with more than one insurer. Contribution in relation to insurance has been defined as: "Contribution is the right of an insurer who has paid a loss under a policy, to recover a proportionate amount from other insurer who are liable for the loss." This principle ensures that the insured does not profit from the loss by claiming the full amount from multiple insurers, and that the burden of the loss is shared fairly among all insurers covering the same risk.