Common use of Alteration to Risk Clause in Contracts

Alteration to Risk. 6.5.1 The Insured must notify the Underwriters in writing as soon as practicable of any material alteration to the risk covered by this Policy that occurs during the Policy Period, including but not limited to any change in the nature of or cessation of the Insured’s Business. 6.5.2 Following the receipt of such notice, the Underwriters shall have the right to either: (a) exclude coverage for this additional exposure by issuing an endorsement to this Policy specifically excluding such exposure; or (b) offer to provide coverage for this additional exposure by issuing a quote to the Named Insured for such coverage. 6.5.3 Coverage for any such additional exposure shall be provided by the Underwriters only if the Named Insured: (a) provides the Underwriters with full particulars of the event(s), as requested by the Underwriters, that materially alter the risk covered by this Policy; (b) accepts in writing the terms, conditions and additional premium required by the Underwriters for such coverage; and (c) pays such additional premium when due.

Alteration to Risk. 6.5.1 5.4.1 The Insured must notify the Underwriters in writing as soon as practicable of any material alteration to the risk covered by this Policy that occurs during the Policy Period, including but not limited to any change in the nature of or cessation of the Insured’s Business. 6.5.2 5.4.2 Following the receipt of such notice, the Underwriters shall have the right to either: (a) exclude coverage for this additional exposure by issuing an endorsement to this Policy specifically excluding such exposure; orthis (b) offer to provide coverage for this additional exposure by issuing a quote to the Named Insured for such coverage.the 6.5.3 5.4.3 Coverage for any such additional exposure shall be provided by the Underwriters only if the Named Insured: (a) provides the Underwriters with full particulars of the event(s), as requested by the Underwriters, that materially alter the risk covered by this Policy; (b) accepts in writing the terms, conditions and additional premium required by the Underwriters for such coverage; andthe (c) pays such additional premium when due.