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Termination after a claim

Boat insurance term, area: Contract

Many owners assume a boat contract can only end on its renewal date. German and Austrian wordings usually say otherwise: once a claim has been settled, both the policyholder and the insurer may end the contract early. The deadline is short, and it runs not from the calendar year but from the moment the claim file is closed, typically one month after payment, after a refusal, or after the loss investigation ends. Until the notice takes effect, the contract continues unchanged. Notice must be given in writing, and a letter or an email is enough.

What to check: Two questions for your own contract: after a settled claim, how long does each side have to give notice, and what starts that clock, the payment, a refusal or the close of the investigation? And when does the insurer's notice take effect, on arrival or a month later?

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