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Adv. Sharon Shefer, contributed the Israeli chapter to a publication of a Multi-Jurisdictional guide to litigation costs (published in March 2010) under the name "At What Cost?" - a Lovells Multi-Jurisdictional Guide to litigation costs.
By Adv. Peggy Sharon and Adv. Sharon Shefer
The limitation period for filing an insurance claim against an insurer is a critical issue for both insurers and insureds.
Section 31 of the Israeli Insurance Contract Law - 1981 (hereinafter: "The Insurance Contract Law"), provides that the limitation period for filing a claim for insurance benefits is three years from the date of the insured event. However, according to the Insurance Contract Order (Types of Transactions to which the Law Shall Not Apply) - 1986, the law does not apply to insurance of diamonds and precious metals.
In the absence of a specific law, the limitation period is set by the Limitation Law - 1958, which sets a limitation period of 7 years.
The 7 year period should be calculated from the date of the "insured event".
The Limitation Law - 1958 includes various references to cases in which the limitation period can be extended (e.g. minority of plaintiff, unawareness of facts which form the cause of action, etc.).
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