Common use of PREMIUM ADJUSTMENT Clause in Contracts

PREMIUM ADJUSTMENT. This clause is applicable if a specific amount of insurance is shown on the “Declaration Page” for “Stock”. If within 6 months after the expiry or anniversary date of each period of insurance, the Insured shall file with the Insurer a Premium Adjustment Application Form showing, for the said period, the actual cash value of the “Stock” insured on the last day of each month at each location as commented upon by the Insured’s Accountant, the actual premium for the said period shall then be calculated at the rate applying to each location for the average amount of the total values declared. If the premium paid by the Insured for such “Stock” exceeds the actual premium thus calculated, the Insurer shall refund to the Insured any excess paid, subject to a maximum refund of 50% of the premium paid. In the event of any monthly-declared values being in excess of the amount of insurance, the amount of the excess shall not be included in the premium adjustment calculations.

PREMIUM ADJUSTMENT. This clause is applicable if a specific amount of insurance is shown on the “Declaration Pagedeclarations” for “Stockstock”. If within 6 six (6) months after the expiry or anniversary date of each period of insurance, the Insured insured shall file with the Insurer insurer a Premium Adjustment Application Form premium adjustment application form showing, for the said period, the actual cash value of the “Stockstock” insured on the last day of each month at each location as commented upon by the Insuredinsured’s Accountantaccountant, the actual premium for the said period shall then be calculated at the rate applying to each location for the average amount of the total values declared. If the premium paid by the Insured insured for such “Stockstock” exceeds the actual premium thus calculated, the Insurer insurer shall refund to the Insured insured any excess paid, subject to a maximum refund of fifty percent (50% %) of the premium paid. In the event of any monthly-monthly declared values being in excess of the amount of insurance, the amount of the excess shall not be included in the premium adjustment calculations.