Common use of AUTOMATIC OR TACIT RENEWAL OF INSURANCES BOUND Clause in Contracts

AUTOMATIC OR TACIT RENEWAL OF INSURANCES BOUND. 13.1 No insurance shall be bound which is subject to or is capable of automatic or tacit renewal, unless otherwise agreed in writing by the Underwriters or where mandatory by reason of local law or regulation. Where automatic or tacit renewal has been specifically authorised or is mandatory the Service Company Coverholder shall maintain adequate records to identify and monitor, within any applicable time frames, all insurances bound which provide for or are subject to law granting automatic renewal or any extension of the period of any insurance bound.

AUTOMATIC OR TACIT RENEWAL OF INSURANCES BOUND. 13.1 14.1 No insurance shall be bound which is subject to or is capable of automatic or tacit renewal, unless otherwise agreed in writing by the Following Underwriters or where mandatory by reason of local law or regulation. Where automatic or tacit renewal has been specifically authorised or is mandatory the Service Company Coverholder shall maintain adequate records to identify and monitor, within any applicable time frames, all insurances bound which provide for or are subject to law granting automatic renewal or any extension of the period of any insurance bound.

AUTOMATIC OR TACIT RENEWAL OF INSURANCES BOUND. 13.1 14.1 No insurance shall be bound which is subject to or is capable of automatic or tacit renewal, unless otherwise agreed in writing by the Underwriters Service Companies or where mandatory by reason of local law or regulation. Where automatic or tacit renewal has been specifically authorised or is mandatory the Service Company Coverholder shall maintain adequate records to identify and monitor, within any applicable time frames, all insurances bound which provide for or are subject to law granting automatic renewal or any extension of the period of any insurance bound.