Common use of Preliminary Payment Clause in Contracts

Preliminary Payment. if eligible, the Insured can receive a preliminary payment. i. A Preliminary Payment takes the Insured’s reported production without grade loss and adds 20 percent to it to mitigate the risk of overpayments. ii. AFSC then calculates the difference between the estimated production and Coverage, and pays the preliminary payment based on the estimated Production Loss. iii. Once the post harvest claim is finalized, AFSC recalculates the Production Loss based on the Harvested Production determined during the on-farm inspection, and the Insured will receive the remaining Indemnity including any grade loss. If there is an overpayment due to differences between the Insured’s information reported on the HPR, and the Harvested Production determined during the post harvest inspection, repayment will be required within 30 days of notification. The advance Indemnity must exceed a minimum amount, can be deferred, and will be applied to amounts owing to AFSC and assignments.

Preliminary Payment. if eligible, the Insured can receive a preliminary payment. i. A Preliminary Payment takes the Insured’s reported production without grade loss Quality Loss and adds 20 percent to it to mitigate the risk of overpayments. ii. AFSC then calculates the difference between the estimated production and Coverage, and pays the preliminary payment based on the estimated Production Loss. iii. Once the post harvest claim is finalized, AFSC recalculates the Production Loss based on the Harvested Production determined during the on-farm inspection, and the Insured will receive the remaining Indemnity Indemnity. including any grade lossQuality Loss. If there is an overpayment due to differences between the Insured’s information reported on the HPR, and the Harvested Production determined during the post harvest inspection, repayment will be required within 30 days of notification. The advance Indemnity must exceed a minimum amount, can be deferred, and will be applied to amounts owing to AFSC and assignments.

Preliminary Payment. if eligible, the Insured can receive a preliminary payment. i. A Preliminary Payment takes the Insured’s reported production without grade loss Quality Loss and adds 20 percent to it to mitigate the risk of overpayments. ii. AFSC then calculates the difference between the estimated production and Coverage, and pays the preliminary payment based on the estimated Production Loss. iii. Once the post harvest claim is finalized, AFSC recalculates the Production Loss based on the Harvested Production determined during the on-farm inspection, and the Insured will receive the remaining Indemnity including any grade lossQuality Loss. If there is an overpayment due to differences between the Insured’s information reported on the HPR, HPR and the Harvested Production determined during the post harvest inspection, repayment will be required within 30 days of notification. The advance Indemnity must exceed a minimum amount, can be deferred, and will be applied to amounts owing to AFSC and assignments.

Preliminary Payment. if eligible, the Insured can receive a preliminary payment. i. A Preliminary Payment preliminary payment takes the Insured’s reported production without grade loss Quality Loss and adds 20 percent to it to mitigate the risk of overpayments. ii. AFSC then calculates the difference between the estimated production and Coverage, and pays the preliminary payment based on the estimated Production Loss. iii. Once the post harvest claim is finalized, AFSC recalculates the Production Loss based on the Harvested Production determined during the on-farm inspection, and the Insured will receive the remaining Indemnity including any grade lossQuality Loss. If there is an overpayment due to differences between the Insured’s information reported on the HPR, and the Harvested Production determined during the post harvest inspection, repayment will be required within 30 days of notification. The advance Indemnity must exceed a minimum amount, can be deferred, and will be applied to amounts owing to AFSC and assignments.