Common use of Policy period and premium Clause in Contracts

Policy period and premium. 1.5.1 The policy will provide insurance as summarised in clauses 1.3 and 1.4 above for the period of insurance it being a condition precedent to the insurer’s liability under this policy that the premium and additional charges are paid to and accepted by the insurer, on or before the payment date shown in the schedule. Taxes, levies and other relevant fiscal charges shall be payable in addition to the premium. 1.5.2 The premium is deemed paid and accepted upon receipt by the insurer or the intermediary appointed to place this insurance with the insurer. 1.5.3 If any premium (including the instalment of premium) is not paid and accepted by the insurer on or before its payment date stated in the schedule, the insurer can give written notice to the insured at its address shown on the schedule cancelling the policy with effect from the seventh (7) day after the notice has been served 1.5.4 Notwithstanding clause 1.5.3 above, any cancellation will be prevented from taking effect and the policy shall continue if the late premium instalment and all remaining premium instalments are paid and accepted before the cancellation takes effect. Without prejudice to other forms of service, notice of cancellation is deemed to be served on the third (3rd) day after being posted if sent by pre-paid letter post properly addressed. 1.5.5 It is agreed that the insurer shall not give less than fifteen (15) days prior notice of cancellation to the insured via the broker. If the premium due is paid in full to the insurer before the notice period expires, notice of cancellation shall be automatically revoked. If not, the policy shall automatically terminate at the end of the notice period.

Policy period and premium. 1.5.1 The policy will provide insurance as summarised in clauses 1.3 and 1.4 above for the period of insurance it being a condition precedent to the insurer’s liability under this policy that the premium and additional charges are paid to and accepted by the insurer, on or before the payment date shown in the schedule. Taxes, levies and other relevant fiscal charges shall be payable in addition to the premium. 1.5.2 The premium is deemed paid and accepted upon receipt by the insurer or the intermediary appointed to place this insurance with the insurer. 1.5.3 If any premium (including the instalment of premium) is not paid and accepted by the insurer on or before its payment date stated in the schedule, the insurer can give written notice to the insured at its address shown on the schedule cancelling the policy with effect from the seventh (7) day after the notice has been served. 1.5.4 Notwithstanding clause 1.5.3 above, any cancellation will be prevented from taking effect and the policy shall continue if the late premium instalment and all remaining premium instalments are paid and accepted before the cancellation takes effect. Without prejudice to other forms of service, notice of cancellation is deemed to be served on the third (3rd) day after being posted if sent by pre-paid letter post properly addressed. 1.5.5 It is agreed that the insurer shall not give less than fifteen (15) days prior notice of cancellation to the insured via the broker. If the premium due is paid in full to the insurer before the notice period expires, notice of cancellation shall be automatically revoked. If not, the policy shall automatically terminate at the end of the notice period.

Policy period and premium. 1.5.1 The policy will provide insurance as summarised in clauses 1.3 and 1.4 above for the period of insurance it being a condition precedent to the insurer’s liability under this policy that the premium and additional charges are paid to and accepted by the insurer, on or before the payment date shown in the schedule. Taxes, levies and other relevant fiscal charges shall be payable in addition to the premium. 1.5.2 The premium is deemed paid and accepted upon receipt by the insurer or the intermediary appointed to place this insurance with the insurer. 1.5.3 If any premium (including the instalment of premium) is not paid and accepted by the insurer on or before its payment date stated in the schedule, the insurer can give written notice to the insured at its address shown on the schedule cancelling the policy with effect from the seventh (7) day after the notice has been served 1.5.4 Notwithstanding clause 1.5.3 above, any cancellation will be prevented from taking effect and the policy shall continue if the late premium instalment and all remaining premium instalments are paid and accepted before the cancellation takes effect. Without prejudice to other forms of service, notice of cancellation is deemed to be served on the third (3rd) day after being posted if sent by pre-paid letter post properly addressed. 1.5.5 It is agreed that the insurer shall not give less than fifteen (15) days prior notice of cancellation to the insured via the broker. If the premium due is paid in full to the insurer before the notice period expires, notice of cancellation shall be automatically revoked. If not, the policy shall automatically terminate at the end of the notice period.. 2 Insured section A - Public liability