(1) The third party may also assert his or her claim for compensation against the insurer
1. in the case of liability insurance for the fulfilment of a duty to take out insurance in accordance with section 1 of the Compulsory Insurance Act (Pflichtversicherungsgesetz), or in accordance with section 3 of the Foreign Vehicles Compulsory Insurance Act (Auslandsfahrzeug-Pflichtversicherungsgesetz), or
2. where insolvency proceedings have been opened in respect of the assets of the policyholder, or an application for such opening has been dismissed on account of a lack of insolvency estate, or a provisional insolvency administrator has been appointed, or
3. if the policyholder’s whereabouts are unknown.
The entitlement to a claim exists within the framework of the insurer’s liability under the insurance agreement and, insofar as no liability exists, within the framework of section 117 (1) to (4). The insurer pays the compensation in money. The insurer and the policyholder liable to pay compensation are liable as joint and several debtors.
(2) The claim under subsection (1) is subject to the same limitation period as is the claim for compensation against the policyholder liable to pay compensation. The limitation commences at the time when the limitation period on the claim for compensation against the policyholder liable to pay compensation commences; it however ends at the latest after ten years, beginning when the loss is incurred. Where notice of the third party’s claim has been given to the insurer, limitation is suspended up until the time when the claimant receives the insurer’s decision in writing. The suspension, the end of the suspension, and the re-commencement of the limitation on the claim against the insurer, are also effective against the policyholder liable to pay compensation and vice versa.