BY THE INSURED Sample Clauses
The "BY THE INSURED" clause defines actions, responsibilities, or rights that are specifically assigned to the insured party under an insurance policy. In practice, this clause may require the insured to notify the insurer of a claim, provide necessary documentation, or take certain steps to mitigate loss. Its core function is to clarify the insured's obligations, ensuring that both parties understand what is expected from the insured to maintain coverage and facilitate the claims process.
BY THE INSURED. You may cancel this policy at any time. If you do, we will refund any premium that is due based on the unused portion of the period of insurance.
BY THE INSURED. No Insured may assign, transfer, novate or dispose of any of, or any interest in its rights and/or obligations under this Guarantee except that, if the Policy pursuant to which such rights arise expressly permits such transfer and such transfer has been made on or prior to the date on which the Company became liable to make a payment to the Insured under that Policy, the Insured may transfer its rights under this Guarantee to the transferee of the Policy rights.
BY THE INSURED. This policy may be cancelled by the Insured at any time, and with immediate effect, by providing written notice to the Insurer. Following such cancellation the Insurer will be entitled to retain a pro-rata proportion of the premium (subject to any adjustment required under the terms of this policy) for the time during which the policy has been in force. This policy may be cancelled by the Insurer at any time by providing written notice to the Insured at the address last known to them or to the Insured’s insurance broker or representative. The cancellation will take effect at 4pm on the 30th day after the written notice has been delivered or posted. Following such cancellation, the Insurer will refund to the Insured a pro-rata proportion of the premium, subject to any adjustment required by the terms of this policy. GC04 Currency Clause Where any sum insured, policy limit, excess or other amount is stated in the policy or Policy Schedule, the amount is in New Zealand Dollars (NZD) unless expressed as otherwise. GC05 Fraud If the Insured makes any claim with knowledge that it is false or fraudulent, all benefit under this policy in respect only of that claim will be forfeited. GC06 Goods and Services Tax (GST) Provided that Goods and Services Tax (GST) is recoverable by the Insurer, the sums insured (including any special limits) by this policy are exclusive of GST. The Insurer will pay a maximum of the sum insured plus additional GST for any accepted claim to a maximum of the current rate of GST applied to that sum insured. Policy excesses are inclusive of GST. GC07 In-House Subrogation Following any claim arising under this policy the Insurer waives any rights and / or remedies and / or any other relief to which the Insurer may become entitled by way of subrogation against the Insured or subsidiary or any named associated or affiliated company as specified in the Policy Schedule. GC08 Liquidation, Receivership, Cessation This policy shall become void, unless its continuance is admitted by memorandum signed by or on behalf of the Insurer, if:
BY THE INSURED. The Named Insured has the right to cancel this policy:
1. By sending the Company written notice of its intent to cancel the Policy showing the date cancellation is to be effective;
2. By returning the original policy or a signed Lost Policy Release to the Company the date cancellation is to be effective.
BY THE INSURED. The Named Insured or Insurance Representative may terminate: a. this Policy; b. a Coverage Section of this Policy;
c. an Insuring Agreement of this Policy; or
d. coverage for any Insured; prior to the expiration of the Policy Period by providing the Insurer with prior written notice specifying the effective date of such termination and, in event of cancellation of this Policy in its entirety, such date will replace the Expiration Date set forth on ITEM 2 of the Declarations; provided, this Policy may not be terminated after the effective date of a Change of Control of the Named Insured or Insurance Representative as described in section III. CONDITIONS APPLICABLE TO ALL COVERAGE SECTIONS, H. CHANGE IN EXPOSURE, 3. CHANGE OF CONTROL.
BY THE INSURED. In case of decrease in risk if the Insurer refuses to reduce the premium (Article 25 of the 25 June - 1992 Act on Non-Marine Insurance). - By both parties: - In case of the Insured's winding up by court decision (Article 33 of the 25 June 1992 Act on Non-Marine Insurance). - It is herewith reminded that in case of non- payment of the premium by the Insured within the period laid down in the schedule, the contract will ipso jure be terminated without further notification, the premium and the recovery costs remaining fully payable by the Insured.