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• Providing information on the occurrence of the incident, real-
ization of the damage, compensation obligation, the amount
and recourse right upon the inquiry of the insurer,
• Notifying the insurer in due course if there is a legal or crimi-
nal proceeding initiated against him,
• Notifying the insurer if there another insurance agreement on
the subject of the same insurance coverage.
Payment of the Compensation
The insurer shall pay the compensation and the expenses, within
fifteen business days from the receipt of all required documents includ-
ing the investigation report in relation to the incident and damages in
subject of the compensation, expert report, policy and its attachments,
which is notified to its business center by the beneficiary.
Amendments
The policy owner and the insured party are obliged to notify the
insurer if there is a change in the circumstances that would have an
effect on the risk without the prior consent of the insurer, within eight
days from the occurrence of such change. Upon the acknowledgement
of this situation by the insurer, he shall have a right to terminate the
agreement or demand for additional premiums, in cases where the
insurer is required to renew the agreement on more severe terms or to
terminate it.
If the relevant change has a relieving nature or causes to apply a
cheaper premium, then the insurer shall pay back the premium differ-
ence starting from the date of the change until the end of the insurance
agreement.
Notifications and Notices
The notices shall be made to the business center of the insurance
company or to the address of the agency underwriting the insurance
agreement by the policy owner or the insured party.
The notices that will be made by the insurer to the insured party
will be sent to the address of the insured party, and if the notices will
MISCELLANEOUS
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