Common use of STATUTORY LIMITATION Clause in Contracts

STATUTORY LIMITATION. Any action deriving from the insurance contract is limited to two years from the event giving rise to it in the terms of Articles L114-1 and L114-2 of the Insurance Code, reproduced below: However, this period shall not start:  In the event of non-disclosure, omission, false or inaccurate statement of the risk incurred, as of the day when the insurer became aware of it  In the event of an incident, only on the day when the persons concerned learned of it, if they prove that they did not know of it until then. When the action of the insured against the insurer is the result of appeal by a third party, the statutory limitation period only runs from the day on which the third party instituted proceedings against the insured or was compensated by the latter. The prescription may be interrupted by one of the ordinary causes of interruption, as well as in the following cases:  The appointment of an expert following an incident;  Sending a registered letter with acknowledgement of receipt;  Action or summons;  Notice of summons or seizure served on the person whom one wishes to prevent from exceeding the given time period.

STATUTORY LIMITATION. Any action deriving from the insurance contract is limited to two years from the event giving rise to it in the terms of Articles L114-1 and L114-2 of the Insurance Code, reproduced below: However, this period shall not start:  • In the event of non-disclosure, omission, false or inaccurate statement of the risk incurred, as of the day when the insurer became aware of it  • In the event of an incident, only on the day when the persons concerned learned of it, if they prove that they did not know of it until then. When the action of the insured against the insurer is the result of appeal by a third party, the statutory limitation period only runs from the day on which the third party instituted proceedings against the insured or was compensated by the latter. The prescription may be interrupted by one of the ordinary causes of interruption, as well as in the following cases:  • The appointment of an expert following an incident;  • Sending a registered letter with acknowledgement of receipt;  • Action or summons;  • Notice of summons or seizure ▇▇▇▇▇▇▇ served on the person whom one wishes to prevent from exceeding the given time period.