Commercial Maritime Law

1. The insured shall notify the insurer of any circumstances that arise during the validity of the insurance policy which may increase the risk undertaken by the insurer within three working days from the date of his knowledge thereof; otherwise, the insurer may terminate the contract. Commercial Maritime Law 2. If the notification is made within the period specified in paragraph (1) of this Article, and the increase in risk is not attributable to the insured, the insurance contract shall remain valid, and the insurance premium may be increased. 3. If the increase in risk is attributable to the insured, the insurer may either terminate the contract within three working days from the date of being notified of the increased risk, or maintain the contract with an increase in the insurance premium against the increased risk. In the former case, the competent judicial authority may award the insurer, upon his request, an amount equal to the insurance premium.