Commercial Maritime Law

1. No claim arising from an insurance contract may be heard after the lapse of two years. Said period shall commence from: a) the date the insurance premium is due, if the claim relates to the payment thereof; b) the date of the accident triggering the claim, if the claim relates to compensations for damage sustained by the vessel; c) the date of the vessel’s arrival or scheduled arrival, if the claim relates to compensations for damage sustained by the goods. If the accident occurs after the vessel's arrival or scheduled arrival, the period shall commence from the date of the accident; d) the date of the accident, if the claim relates to settlement of damages through abandonment. If the contract provides for a grace period for filing an abandonment claim, the two-year period shall commence from the date the grace period expires; e) the date of the insured’s payment where the claim relates to his contribution to general average losses or the reimbursement of rescue expenses; or Commercial Maritime Law f) the date of filing a claim against the insured by a third party, or the date of payment by the insured in case of a claim filed by the insured against the insurer to recover payments made to a third party who has recourse against him. 2. No claim for an undue payment made under an insurance contract may be heard after the lapse of two years from the date of payment. 3. In all cases, the period specified in this Article shall discontinue upon filing a claim by registered mail, delivering the claim-associated documents, or assigning an expert to assess the damage, in addition to the legally prescribed grounds for discontinuance. Chapter 2: Vessel Insurance