Section 4. FLOATING INSURANCE

Article 237.- Floating insurance
1. Floating insurance is a package insurance covering the subject of insurance of a kind or some kinds of cargo which the assured will dispatch or receive within a specified period of time.
2. In a contract of floating insurance, the insurer shall be obliged to issue, at the request of the assured , a policy or a certificate of insurance for each shipment or each unit of cargo.

Article 238.- Performance of contracts of floating insurance
1. The assured, who has concluded a contract of floating insurance, shall be obliged to notify to the insurer immediately upon receipt of information concerning the dispatch or receipt of the cargo and to specify each case the name of the seagoing vessel, the route, the cargo and the insured sum, even when the notice reaches the insurer, the cargo may have been dispatched or have arrived at the port of delivery.
2. Where the assured has intentionally or through his negligence failed to fulfil the obligation specified in Clause 1 of this Article, the insurer may terminate the contract while retaining the right to the insurance premium to which he would have been entitled had the contract been properly performed.

Article 239.- Termination of contracts of floating insurance
A contract of floating insurance may be terminated by either party subject to a ninety days’ notice.