B-2 Term and end of the contract, cancellation, Watercraft Hull Insurance, Basis

B 2.1 Term and end of the contract B 2.1.1 Contract term. The contract is concluded for the period stated in the policy schedule. B 2.1.2 Tacit renewal. 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. B 2.1.3 Contract term of less than one year. Where the contract term is less than one year, the contract ends at the agreed time without the need for cancellation.

B-2.2 Cancellation B-2.2.1 Ordinary cancellation. The contract may be cancelled by either contracting party with effect from the end of the insurance year, but at the earliest as at the agreed expiry, giving three months' notice. Cancellation by us becomes effective only if it has reached you at the latest three months before the cancellation date. German law applies to the contract. The German wording of the conditions alone is binding; this translation is provided for understanding only.

B-2.2.2 Cancellation after the occurrence of the insured event. After the insured event has occurred, either contracting party may cancel the insurance relationship. The cancellation must have reached the other party in text form (for example email, fax or letter) at the latest one month after the conclusion of the enquiries necessary to establish the insured event and the extent of our payment. If you cancel, your cancellation becomes effective when it reaches us. You may, however, provide that the cancellation is to take effect at a later time, but at the latest at the end of the current insurance period. Our cancellation becomes effective one month after it reaches you.