Common use of PREMIUM ADJUSTMENT Clause in Contracts

PREMIUM ADJUSTMENT. The Advance Premium stated in Item 5 of the application is computed on the estimated total “cost of hire” for the Policy Period. The words “cost of hire” as used herein mean the entire amount incurred for “Hired Automobiles” and drivers when such automobiles are hired with drivers or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “contract cost” for the Policy Period. The words “contract cost” as used herein mean the entire amount paid by the Insured for “Automobiles Operated under Contract” to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions are applicable in all Provinces of Canada (other than Quebec), except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side of this page. STATUTORY CONDITIONS In these Statutory Conditions, unless the context otherwise requires, the word “insured” means a person insured by this contract whether named or not with respect to Section B of S.P.F. No. 1 and S.P.F. No. 4 only Statutory Conditions 1, 8 and 9 shall apply.

PREMIUM ADJUSTMENT. The Advance This clause applies if Premium stated in Item 5 of the application Adjustment is computed indicated on the estimated total “cost Declarations Page” The Newly Acquired Equipment clause is deleted and replaced by: This Form also insures additional items of hirea similar kind to that scheduled in the “Declarations Page” for the Policy Period. The words “cost of hire” as used herein mean the entire amount incurred for “Hired Automobiles” and drivers when such automobiles are hired with drivers or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “contract cost” for the Policy Period. The words “contract cost” as used herein mean the entire amount paid acquired by the Insured for “Automobiles Operated under Contract” during the policy period. This extension of insurance shall be limited to the owners thereofNewly Acquired Equipment limit shown in the “Declarations Page” or, if no such limit be shown, to a maximum recovery of fifty thousand dollars ($50,000) with respect to any one loss, or series of losses arising out of the same event. The Advance Premiums are subject premium applicable to adjustment this Form is provisional only. The actual premium for the liability assumed hereunder shall be determined at the end expiration of the Policy Period when policy as follows: The Co-Insurance Clause forming part of the Contractors’ Equipment Form does not apply to Newly Acquired Property subsequent to policy inception. The Insured agrees to report to the Insurer, within thirty (30) days following the expiration date of the policy, the average of the total values insured from the policy inception date to the policy expiration date, and if the premium on such average values calculated at the rate specified in the “Declarations Page” exceeds the provisional premium the Insured shall deliver to pay the Insurer a written statement of the total amounts expended additional premium for cost of hire during the Policy Periodsuch excess. If such amounts exceed premium is less than the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if lessprovisional premium, the Insurer shall return refund to the Insured any excess paid subject to the unearned minimum premium when determined but stated in the Insurer shall, in any event, receive or retain not less “Declarations Page”. No adjustment shall be necessary with respect to the property unless the expiring values are more than 5% different than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter value declared at inception of this policy. The following statutory conditions are applicable in all Provinces of Canada (other than Quebec)Insurer, except that Statutory Condition 2 is amended in certain Provinces as stated on or it’s duly appointed representative, shall be permitted during the reverse side term of this page. STATUTORY CONDITIONS In these Statutory ConditionsForm, unless or within a year after its expiration, to inspect the context otherwise requiresproperty insured hereunder and to examine the Insured’s books, the word “insured” means a person records and such policies as may be relate to any property insured by this contract whether named or not with respect to Section B of S.P.F. No. 1 and S.P.F. No. 4 only Statutory Conditions 1, 8 and 9 shall applyhereunder.

PREMIUM ADJUSTMENT. The Advance Premium stated in Item 5 of the application is computed on the estimated total “"cost of hire” " for the Policy Period. The words “"cost of hire” " as used herein mean the entire amount incurred for “"Hired Automobiles” " and drivers when such automobiles are hired with drivers or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “"contract cost” " for the Policy Periodperiod. The words “"contract cost” " as used herein mean the entire amount paid by the Insured for “"Automobiles Operated under Contract” " to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions are applicable in all Provinces of Canada (other than Quebec), except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side of this page. STATUTORY CONDITIONS In these Statutory ConditionsFOR NON-OWNED AUTOMOBILE (YUKON TERRITORY, unless the context otherwise requiresNORTHWEST TERRITORIES, the word “insured” means a person insured by this contract whether named or not with respect to Section B of S.P.F. No. 1 and S.P.F. No. 4 only Statutory Conditions 1ALBERTA, 8 and 9 shall apply.ONTARIO, NEW BRUNSWICK, NOVA SCOTIA, XXXXXX XXXXXX ISLAND AND NEWFOUNDLAND)

PREMIUM ADJUSTMENT. The Advance Premium stated in Item 5 of the application is computed on the estimated total “"cost of hire” " for the Policy Period. The words “"cost of hire” " as used herein mean the entire amount incurred for “"Hired Automobiles” " and drivers when such automobiles are hired with drivers or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “"contract cost” " for the Policy Period. The words “"contract cost” " as used herein mean the entire amount paid by the Insured for “"Automobiles Operated under Contract” " to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions are applicable in all Provinces of Canada (other than Quebec), except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side of this page. STATUTORY CONDITIONS In these Statutory Conditions, unless the context otherwise requires, the word “insured” means a person insured by this contract whether named or not with respect to Section B of S.P.F. No. 1 and S.P.F. No. 4 only Statutory Conditions 1, 8 and 9 shall applyPolicy.

PREMIUM ADJUSTMENT. The Advance Premium stated in Item item 5 of the application is computed on the estimated total “"cost of hire” " for the Policy Period. The words “"cost of hire” " as used herein mean the entire amount incurred for “"Hired Automobiles” " and drivers when such automobiles are hired with drivers or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item item 6 of the application is computed on the estimated total “"contract cost” " for the Policy Periodperiod. The words “"contract cost” " as used herein mean the entire amount paid by the Insured for “"Automobiles Operated under Contract” " to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions are applicable in all Provinces of Canada (other than Quebec), except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side of this pagePolicy. STATUTORY CONDITIONS FOR NON-OWNED AUTOMOBILE (YUKON TERRITORY, NORTHWEST TERRITORIES, ALBERTA, ONTARIO, NEW BRUNSWICK, NOVA SCOTIA, XXXXXX XXXXXX ISLAND AND NEWFOUNDLAND) In these Statutory Conditionsstatutory conditions, unless the context otherwise requires, the word “insured” means a person insured by this contract whether named or not with respect to Section B of S.P.F. No. 1 and S.P.F. No. 4 only Statutory Conditions 1, 8 and 9 shall applynot.

PREMIUM ADJUSTMENT. The Advance Advanced Premium stated in Item item 5 of the application is computed on the estimated total “cost of hire” for the Policy Period. The words “cost of hire” as used herein mean the entire amount incurred for “Hired Automobiles” and drivers when such automobiles are hired with drivers drive rs or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “"contract cost” " for the Policy Period. The words “"contract cost” " as used herein mean the entire amount paid by the Insured for “"Automobiles Operated under Contract” " to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions Statutory Conditions are applicable in to all Provinces of Canada (other than Quebec), except that Statutory Condition Condi tion 2 is amended in certain Provinces as stated on the reverse side page 4 of this pageform. STATUTORY CONDITIONS (YUKON TERRITORY, NORTHWEST TERRITORIES, ALBERTA, ONTARIO, NEW BRUNSWICK, NOVA SCOTIA, XXXXXX XXXXXX ISLAND AND NEWFOUNDLAND) In these Statutory Conditions, unless the context otherwise requires, the word “insured” "Insured" means a person insured by this contract whether named or not with respect to Section B not. NOTE: All of S.P.F. Nothe Statutory Conditions contain the above wording. 1 However - in all of the Provinces and S.P.F. No. 4 Territories using these standard, approved forms, only Statutory Conditions 1, 8 and 9 shall applyare made applicable to accident benefits insurance and uninsured motorist insurance where it is provided by the contract. - in the Northwest Territories the definition of "insured person" must be read as containing in addition the words "and includes any person to whom benefits may be payable under the accident benefits set out in the Schedule to the Insurance Ordinance."

PREMIUM ADJUSTMENT. The Advance Advanced Premium stated in Item item 5 of the application is computed on the estimated total “cost of hire” for the Policy Polic y Period. The words “cost of hire” as used herein mean the entire amount incurred for “Hired Automobiles” and drivers when such automobiles are hired with drivers drive rs or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “"contract cost” " for the Policy Period. The words “"contract cost” " as used herein mean the entire amount paid by the Insured for “"Automobiles Operated under Contract” " to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions Statutory Conditions are applicable in to all Provinces of Canada (other than Quebec), except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side page 4 of this pageform. STATUTORY CONDITIONS (YUKON TERRITORY, NORTHWEST TERRITORIES, ALBERTA, ONTARIO, NEW BRUNSWICK, NOVA SCOTIA, XXXXXX XXXXXX ISLAND AND NEWFOUNDLAND) In these Statutory Conditions, unless the context otherwise requires, the word “insured” "Insured" means a person insured by this contract whether named or not with respect to Section B not. NOTE: All of S.P.F. Nothe Statutory Conditions contain the above wording. 1 However - in all of the Provinces and S.P.F. No. 4 Territories using these standard, approved forms, only Statutory Conditions 1, 8 and 9 shall applyare made applicable to accident benefits insurance and uninsured motorist insurance where it is provided by the contract. - in the Northwest Territories the definition of "insured person" must be read as containing in addition the words "and includes any person to whom benefits may be payable under the accident benefits set out in the Schedule to the Insurance Ordinance."

PREMIUM ADJUSTMENT. The Advance Advanced Premium stated in Item item 5 of the application is computed on the estimated total “cost of hire” for the Policy Period. The words “cost of hire” as used herein mean the entire amount incurred for “Hired Automobiles” and drivers when such automobiles are hired with drivers or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “"contract cost” " for the Policy Period. The words “"contract cost” " as used herein mean the entire amount paid by the Insured for “"Automobiles Operated under Contract” " to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions Statutory Conditions are applicable in to all Provinces of Canada (other than Quebec), except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side page 4 of this pageform. STATUTORY CONDITIONS (YUKON TERRITORY, NORTHWEST TERRITORIES, ALBERTA, ONTARIO, NEW BRUNSWICK, NOVA SCOTIA, XXXXXX XXXXXX ISLAND AND NEWFOUNDLAND) In these Statutory Conditions, unless the context otherwise requires, the word “insured” "Insured" means a person insured by this contract whether named or not with respect to Section B not. NOTE: All of S.P.F. Nothe Statutory Conditions contain the above wording. 1 However - in all of the Provinces and S.P.F. No. 4 Territories using these standard, approved forms, only Statutory Conditions 1, 8 and 9 shall applyare made applicable to accident benefits insurance and uninsured motorist insurance where it is provided by the contract. - in the Northwest Territories the definition of "insured person" must be read as containing in addition the words "and includes any person to whom benefits may be payable under the accident benefits set out in the Schedule to the Insurance Ordinance."