The Insurance Contract Act is clear. In § 19, Paragraph 1 it says: "Until the submission of his contract declaration, the policyholder has known the risk circumstances that are relevant to the decision of the insurer to conclude the contract with the agreed content and about which the insurer has asked in writing has to notify the insurer. If the insurer asks questions within the meaning of sentence 1 after the policyholder's declaration of contract, but before the acceptance of the contract, the policyholder is also obliged to notify us."
Such "dangerous circumstances" also include, in particular, all damage that has occurred to the boat in the past and that has been reimbursed by a previous insurance company. Thomas Gibson, Head of Firmenich Yacht Insurance, draws attention to this. He explains: "If a boat owner withholds such previous damage from his new insurer, this can potentially have a detrimental effect on him in a later claim."
Tom Gibson from Firmenich Yacht Insurance
According to Gibson, the earlier information on previous claims would be provided when changing insurers, the better. "Ideally, during the request for an insurance offer, in addition to the usual data on the ship, you also provide any previous damage. If, on the other hand, the insurance does not find out about this until later, for example when the contract is received, then in case of doubt a provisional cover that may have been granted on the basis of the offer request can be restored be withdrawn. " According to insurance broker Gibson, this is particularly annoying when a boat owner quickly needs new insurance for his ship.