46Article 2(d), final indent, of the Directive was intended to enable the Member State where the risk is situated to be determined in all cases not provided for in the previous indents. So, the objective of Article 2(d), final indent, is in particular to lay down a residual rule for the determination of the place where a business risk is situated when that risk is not specifically linked to a building, a vehicle or travel. To that end, emphasis is placed on the place where the activity whose risk is covered by the contract is exercised. For that purpose, the legislature had recourse to the criterion of the policyholder's habitual residence where he is a natural person and to the criterion of the establishment to which the contract relates where the policyholder is a legal person.
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