21. Transfer of ownership of the insured vehicle
- The policyholder and / or the insured must inform the purchaser of the existence of the insurance contract for the transferred object. Once the transfer has been verified, s/he must also inform the insurer or its representatives in writing within a period of 15 days. Breach of this requirement will entail the loss of all the insured's and / or vehicle owner's rights.
- The insurer may terminate the contract within a period of 15 days from the day on which it is notified of the verified transfer. Once it has exercised its right and notified the purchaser in writing, the insurer shall remain under obligation for a period of one month as of the notification. The insurer must reimburse the portion of paid premium corresponding to the insurance periods for which, as a consequence of this termination, it has not borne any risk.
- The purchaser of the insured object may also terminate the contract by providing written notice to the insurer within a period of 15 days upon learning of its existence.
- In this case, the insurer shall be entitled to the premium corresponding to the period that would have begun when the termination occurred.
- In case of death, temporary receivership, debt reduction and grace periods, bankruptcy or insolvency proceedings affecting the policyholder or the insured, the terms of the preceeding paragraphs of this article shall apply.