The assured's claim for compensation becomes time-barred after three years. The limitation period commences at the end of the calendar year during which the assured acquired the necessary knowledge of the facts on which the claim is based. The claim becomes time-barred in any event at the latest ten years after the end of the calendar year during which the casualty took place.
Under a liability insurance, the insurer's liability nevertheless does not become time-barred before the time prescribed by the rules that apply to the assured's liability.
Claims that are notified to the insurer before the claim is time-barred, will not be time-barred before 6 months after the assured has received written notification that limitation will be invoked. The notification shall explain how the limitation period is interrupted. The limitation period will not be extended according to this provision if more than 10 years has passed since the claim was notified to the insurer.