B4-3 Limitation, Watercraft Accident Insurance, Premium

Claims under the insurance contract become time barred after three years. Limitation begins at the end of the year in which the claim arose and the creditor learned of the circumstances giving rise to the claim and of the identity of the debtor. Grossly negligent ignorance is equivalent to knowledge. Where a claim under the insurance contract has been notified to us, the period between notification and receipt by the claimant of our decision communicated in text form (for example email, fax or letter) does not count towards the calculation of the period. In other respects limitation is governed by the general provisions of the German Civil Code (BGB).