A-17 Disposal of the insured item, Watercraft Hull Insurance, Basis Plus

A-17.1 Legal relationships after transfer of ownership.

A-17.1.1 If you dispose of the insured item, the acquirer takes your place in the insurance contract under section 95(1) of the German Insurance Contract Act (VVG). This happens at the time ownership passes. From that point the acquirer takes over your rights and duties under the insurance relationship.

A-17.1.2 The seller and the acquirer are jointly and severally liable for the premium under section 95(2) VVG. That applies to the premium of the insurance period in which ownership passes.

A-17.1.3 We need only accept the acquirer's entry into the insurance contract as against us once we learn of it, under section 97(1) sentence 1 VVG.

A-17.2 Rights of cancellation.

A-17.2.1 Under section 96(1) VVG we are entitled to cancel the insurance contract as against the acquirer. In doing so we must give one month's notice. That right of cancellation lapses if we do not exercise it within one month of learning of the disposal. German law applies to the contract. The German wording of the conditions alone is binding; this translation is provided for understanding only.

A-17.2.2 The acquirer is entitled to cancel the insurance contract with immediate effect, or with effect from the end of the current insurance period, in text form (for example email, fax or letter). The right of cancellation lapses if they do not exercise it within one month of the acquisition. If the acquirer is unaware that insurance exists, the right of cancellation lapses one month after they learn of it.

A-17.2.3 In the case of cancellation under A-18.2.1 and A-18.2.2, the seller alone is liable for payment of the premium.

A-17.3 Duties of notification.

A-17.3.1 The disposal must be notified to us without delay by the seller or the acquirer in text form (for example email, fax or letter).

A-17.3.2 If notification has not been made, we are not obliged to pay in the insured event. This applies only if both of the following conditions are met: the insured event occurred later than one month after the point at which the notification should have been received, and we prove that we would not have concluded the existing contract with the acquirer.

A-17.3.3 By way of derogation from A-17.3.2 we are obliged to pay in the following cases:

A-17.3.3.1 we knew of the disposal at the point at which the notification should have reached us; or A-17.3.3.2 at the time of the insured event the period for cancellation by us had already expired and we had not cancelled. Part B: when does your insurance begin and end? What must you observe when paying the premium?