B-2.1 Due date of the first or single premium, Watercraft Liability Insurance, Basis

1 The first premium is to be paid to the insurer without delay (that is, without culpable hesitation) after conclusion of the contract, on receipt of the policy schedule. 2 Where payment of the annual premium in instalments has been agreed, only the first instalment of the first annual premium counts as the first premium. 3 You have paid the premium on time if by the due date you have done everything necessary for the first or single premium to reach the insurer. Where payment of the first or single premium by credit card or by direct debit (SEPA) from an account has been agreed, payment counts as timely in the following case: the first or single premium could be collected on the due date, and you did not object to a justified collection. l the first or single premium could be collected on the due date, and l you did not object to a justified collection. German law applies to the contract. The German wording of the conditions alone is binding; this translation is provided for understanding only. 4 In the case of payment by credit card or SEPA, the following applies: if the insurer was unable to collect the first or single premium when due through no fault of yours, payment is still timely if it is made without delay after a request for payment. If you are responsible for the premium repeatedly not being collectable, the insurer is entitled to require future payment outside the chosen collection procedure.