Contractual cover is available with various policy limits covering contractual clauses and indemnities excluded by the rules, including waiver of rights of limitation, assumption of liability for third party losses or damage to third party property, contractual naming and waiving obligations, and assumption of liabilities under non-reciprocal 'knock for knock' agreements.
According to the general principle of law debts shall be time bared if the creditor does not demand settlement within a reasonable time. Rules to shorten the limitation periods are implemented in Finnish legislation. The general law on time bar applicable to debts and other obligations are laid down in law 2003/728 Act on Limitations on debts. These general rules are applicable to all sorts of obligations (money, goods, services, damages, indemnities etc.) but do only apply if no special regulations on time bar are stipulated elsewhere in the legislation.
