Clause 5-23. Time-limit for notification of a casualty
The assured loses its right to claim compensation if notice of the casualty is not given to the insurer within twelve months of the assured becoming aware of it.
In any event the assured loses its right to claim compensation other than for hull damage below the light waterline if notice of the casualty is not given to the insurer within 24 months of the date of the casualty.
Clause 5-24. Time-bar of the assured’s claim for compensation
The assured’s claim for compensation becomes time-barred after three years. The time-bar period commences at the end of the calendar year in which the assured acquired the necessary knowledge of the facts on which the claim is based. In any event, the claim is time-barred no later than ten years after the end of the calendar year in which the casualty occurred.
Under liability insurance, the assured’s claim for compensation is not time-barred before the expiry of the period set out in the rules governing the assured’s liability for damages. In any event, the claim for compensation is time-barred one year after the date of settlement or final and unappealable court judgment or arbitration award concerning the third-party liability claim, at the latest.
Claims that are notified to the insurer before the expiry of the time-bar period will not be time-barred before six months after the date on which the assured has received written notification that time-bar will be invoked. The notification shall explain how the time-bar period is interrupted. The time-bar period cannot be extended under this provision if more than ten years have passed since the claim was notified to the insurer.
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Clause 5-24. Time-bar of the assured’s claim for compensation
Cl. 5-24 was amended in the 2027 Version of the Plan. The heading was revised to better reflect the contents of the Clause and the word “limitation” was replaced with the word “time-bar”. Further, sub-clause 2 was amended to clarify time-bar in liability insurance, and the Commentary was restructured to…
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Clause 5-23. Time-limit for notification of a casualty
This Clause was amended in the 2013 Plan to adapt the Plan to its future application in Denmark, Finland and Sweden. Further amendments were made in the 2019 Version. The provision does not contain any actual limitation rule, but a passivity rule which supplements Cl. 3-29 and Cl. 3-31.