The first insurance year begins with the commencement date of the insurance at 0.00 hours and extends over a period of exactly twelve months. All subse­quent insurance years also start at 0.00 hrs on the first day of the same month and last for twelve months as well.

For example, if an insurance year begins on 1 April, the insurance year ends on 31 March of the following year. A further insurance year then begins again on April 1.