13. In case of transfer
- In case of transfer of the insured object, the purchaser subrogates, as of the moment of the transfer, the rights and obligations that corresponded to the previous titleholder in the policy.
- The insured is obliged to inform the purchaser in writing of the existence of the policy for the transferred object. Once the transfer has been verified, he or she must also communicate this in writing to the insurer or its representatives in a period of fifteen days.
- The purchaser and the previous titleholder, or, in case of his or her demise, his or her heirs, shall be jointly and severally liable for the payment of the premiums due at the time of transfer.
- The insurer may terminate the contract within a period of fifteen 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 is obliged for a period of one month as of the notification. The insurer must reimburse the portion of the premium corresponding to the insurance period for which, as a consequence of the termination, it has not borne any risk.
- The purchaser of the insured object may also rescind the contract if he or she communicates this in writing to the insurer within a period of fifteen days upon learning of its existence. In this case, the insurer acquires the right to the premium corresponding to the period that would have begun when the termination occurs.
- These same rules shall apply for cases of death, temporary receivership, debt reduction and grace periods, bankruptcy or insolvency proceedings on the part of the insurance policyholder or insured.