Common use of Adjustment of premium Clause in Contracts

Adjustment of premium. Where the premium in whole or part is provisionally based on estimates provided by the insured, the insured will keep accurate records and declare such information as the insurer requires within one (1) month of the expiry of the period of insurance. The premium will then be adjusted and any difference paid by or allowed to the insured as the case may be but subject to any minimum premium that may apply. The insurer reserves the right to request that the insured supplies an auditor’s certificate with such calculations as are subject to adjustment attesting the accuracy thereof. It is a condition precedent that that all adjustable premiums due to the insurer are paid within ninety (90) days of expiry of each period of insurance.

Adjustment of premium. Where the premium in whole or part is provisionally based on estimates provided by the insured, the insured will keep accurate records and declare such information as the insurer requires within one (1) month of the expiry of the period of insurance. insurance The premium will then be adjusted and any difference paid by or allowed to the insured as the case may be but subject to any minimum premium that may apply. apply The insurer reserves the right to request that the insured supplies an auditor’s certificate with such calculations as are subject to adjustment attesting the accuracy thereof. thereof It is a condition precedent that that all adjustable premiums due to the insurer are paid within ninety (90) days of expiry of each period of insurance.