(1) If a ship in which cargo is to be loaded has not been determined at the time of concluding a contract of insurance, a policyholder or the insured shall, when he/she/it becomes aware of the loading of the cargo, without delay give a notice to an insurer of the name and nationality of the ship, and type, quantity and value of the cargo. <Amended by Act No. 4470, Dec. 31, 1991>
(2) If notice under paragraph (1) has been neglected, an insurer may terminate the contract within one month after it becomes aware of such fact. <Amended by Act No. 4470, Dec. 31, 1991>