Commercial Maritime Law

1. If the vessel’s insurance contract covers a single voyage or multiple consecutive voyages, the insurer shall be entitled to receive the full insurance premium upon commencement of the insured risks. 2. If the insurance contract is for a specified period and the vessel is a total loss or the insured decides to abandon the vessel to the insurer, the insurer shall be entitled to receive the insurance premium for the entire period of coverage, provided that the loss or abandonment is covered. If the loss or abandonment is not covered, the insurer shall be entitled to a portion of the insurance premium which corresponds to the period between the date of commencement of the insured risks and the date of the accident which caused the vessel's loss or declaration of its abandonment.