Common use of Financed Premiums Clause in Contracts

Financed Premiums. Unless state law requires otherwise, American Specialty reserves the right, in its sole discretion, to remit unearned premiums on financed policies that are cancelled, less Broker’s unearned commission, directly to the premium finance company for the account of the insured, or, in appropriate circumstances, to Broker or directly to the insured. The ultimate liability of American Specialty for payment to a finance company, Broker or insured shall never exceed the amount of return premium less unearned commission developed. Xxxxxx agrees to hold American Specialty harmless from any responsibility for payment to or from finance company and further agrees that financing arrangements do not diminish the responsibility for timely payment of premium by Xxxxxx.

Financed Premiums. Unless state law requires otherwise, American Specialty reserves the right, in its sole discretion, to remit unearned premiums on financed policies that are cancelled, less Broker’s unearned commission, directly to the premium finance company for the account of the insured, or, in appropriate circumstances, to Broker or directly to the insured. The ultimate liability of American Specialty for payment to a finance company, Broker or insured shall never exceed the amount of return premium less unearned commission developed. Xxxxxx Broker agrees to hold American Specialty harmless from any responsibility for payment to or from finance company and further agrees that financing arrangements do not diminish the responsibility for timely payment of premium by XxxxxxBroker.