In order to properly safeguard the limitation period under insurance or reinsurance contracts governed by Italian law a prudent claimant should carefully look at the provision of Art. 2943 Italian Civil Code.
Only the matters set out in Art. 2943 Italian Civil Code governing the interruption of prescrizione will validly operate to interrupt the limitation period.
In practical terms, a claimant under a contract of insurance and reinsurance shall proceed in Court or in arbitration, as the specific case may be. Alternatively, limitation of time can be interrupted by means of a demand letter.
Our Courts consider settlement negotiations ineffective for the purpose of the interruption of the limitation period.
