Common use of Preliminary Payment Clause in Contracts

Preliminary Payment. if eligible, the Insured can receive a preliminary payment. 1) A Preliminary Payment takes the Insured’s reported production without Quality Loss and adds 20 percent to mitigate the risk of overpayments. 2) AFSC then calculates the difference between the estimated production and Coverage, and pays the preliminary payment based on the estimated Production Loss. 3) 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 Quality Loss.

Preliminary Payment. if eligible, the Insured can receive a preliminary payment. 1) A Preliminary Payment preliminary payment takes the Insured’s reported production without Quality Loss and adds 20 percent to it to mitigate the risk of overpayments. 2) AFSC then calculates the difference between the estimated production and Coverage, and pays the preliminary payment based on the estimated Production Loss. 3) 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 Quality Loss.

Preliminary Payment. if eligible, the Insured can receive a preliminary payment. 1) A Preliminary Payment takes the Insured’s reported production without grade Quality Loss and adds 20 percent to mitigate the risk of overpayments. 2) AFSC then calculates the difference between the estimated production and Coverage, and pays the preliminary payment based on the estimated Production Loss. 3) 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 Quality Loss.

Preliminary Payment. if eligible, the Insured can receive a preliminary payment. 1) A Preliminary Payment takes the Insured’s reported production without Quality Loss and adds 20 percent to it to mitigate the risk of overpayments. 2) AFSC then calculates the difference between the estimated production and Coverage, and pays the preliminary payment based on the estimated Production Loss. 3) 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 Quality Loss.

Preliminary Payment. if eligible, the Insured can receive a preliminary payment. 1) A Preliminary Payment takes the Insured’s reported production without Quality Loss and adds 20 percent to mitigate the risk of overpayments. 2) AFSC then calculates the difference between the estimated production and Coverage, and pays the preliminary payment based on the estimated Production Loss.Loss.‌ 3) 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 Quality Loss.