B-4.1 Term and end of the insurance contract, cessation of the insured interest, Watercraft Liability Insurance, Basis

1 The contract is concluded for the period stated in the policy schedule. The insurance period is always one year. Where the contract term is at least one year, the contract is extended by one year at a time. It is not extended if a cancellation has reached one of the contracting parties in good time before the end of the respective contract term. 2 By way of derogation from paragraph 1, the contract ends automatically when you dispose of (sell) the insured craft. The insurer need only accept the disposal as against it once it has learned of it. The insurer is then entitled to the premium only on a pro rata basis up to the point at which the notification is received. Any premium credit is refunded to you. At the insurer's request you must prove the disposal by producing the relevant documents. 3 Cover lapses where the insured interest has ceased to exist. The following applies: the contract ends as soon as you have shown the insurer in text form, with comprehensible reasons and, on request, with proof, that and why the insured interest has ceased to exist. The insured interest ceases, for example, where the watercraft named in the policy schedule has suffered a total loss.