Common use of HOLD COVERED Clause in Contracts

HOLD COVERED. The Company hereby authorises the Intermediary to provide cover to a Policyholder for a limited and interim period (“the hold covered period”) during which neither the Company, nor the Intermediary, as the case may be, has received premiums due from a Policyholder on the Due Date (“the hold covered arrangement”) nor are the cover terms and conditions settled between the Company and the Policyholder. The following terms and condition are applicable to the hold covered authority granted to the Intermediary: 2.1 Cover may be provided for hold covered period commencing on the Due Date and valid for a period of not more than 30 (thirty) days in respect of commercial lines business pending settlement of the terms and conditions of cover, payment of premium to the Company during the hold covered period and the Intermediary has in writing confirmed the Company’s legal liability under the relevant policy prior to the expiry of the hold covered period. 2.2 Cover may be provided for hold covered period commencing on the Due Date and valid for a period of not more than 96 (ninety six) hours in respect of personal lines business pending settlement of the terms and conditions of cover, payment of premium to the Company during the hold covered period and the Intermediary has in writing confirmed the Company’s legal liability under the relevant policy prior to the expiry of the hold covered period. 2.3 The Company may, in its sole discretion, terminate this hold covered arrangement at any time and for any reason whatsoever by providing the Intermediary with 30 day’s written notice to that effect.

HOLD COVERED. The Company hereby authorises the Intermediary to provide cover to a Policyholder for a limited and interim period (“the hold covered period”) during which neither the Company, nor the Intermediary, as the case may be, has received premiums due from a Policyholder on the Due Date (“the hold covered arrangement”) nor are the cover terms and conditions settled between the Company and the Policyholder. The following terms and condition are applicable to the hold covered authority granted to the Intermediary: 2.1 Cover may be provided for hold covered period commencing on the Due Date and valid for a period of not more than 30 (thirty) days in respect of commercial lines business pending settlement of the terms and conditions of cover, payment of premium to the Company during the hold covered period and the Intermediary has in writing confirmed the Company’s legal liability under the relevant policy prior to the expiry of the hold covered period. 2.2 Cover may be provided for hold covered period commencing on the Due Date and valid for a period of not more than 96 (ninety six) hours in respect of personal lines business pending settlement of the terms and conditions of cover, payment of premium to the Company during the hold covered period and the Intermediary has in writing confirmed the Company’s legal liability under the relevant policy prior to the expiry of the hold covered period. 2.3 The Company may, in its sole discretion, terminate this hold covered arrangement at any time and for any reason whatsoever by providing the Intermediary with 30 day’s written notice to that effect.. PHYSICAL ADDRESS: 0XX XXXXX, XXXXXXX XXXXX, 0 XXXXXXX XXXXXX, XXXXXXXX, 0000 POSTAL ADDRES: XX XXX 0000, XXXXXXXXX, 0000 TEL NO: 0000 000 000 or +00 00 000 0000 FAX NO: +00 00 000 0000 REGISTRATION NO: 2006/018854/07 VAT NO: 4130230354