Common use of Premium and Accounts Clause in Contracts

Premium and Accounts. Broker shall accept the format of American Specialty’s xxxxxxxx, which may take the form of binders, invoices, statements or similar communications. The net balance due as shown on such xxxxxxxx shall be paid by the billing due date, irrespective of whether a policy has been delivered to Broker by such date. Broker guarantees the full payment due American Specialty of all premiums including deposit, earned, extension and adjustable premiums, fees, plus applicable state and local taxes, less commission, on every insurance contract bound or written for Broker pursuant to this Agreement, whether or not collected by Broker. The net balance will be due and payable as indicated on such xxxxxxxx and may vary based upon the credit terms of the issuing Insurer. The omission of any item(s) from a monthly statement or separate invoice shall not: (1) affect Broker’s responsibility to account for and pay all amounts due; (2) prejudice the rights of American Specialty to collect all amounts due from Broker; or (3) extend the time within which Broker must make payment. Broker’s obligation to make payment to American Specialty is not contingent upon the issuance of the policy. Any credit extended to the insured or others shall be at the sole risk and responsibility of Broker unless otherwise agreed in writing by American Specialty. Attempts by American Specialty to collect premiums (including audit premium discussed below) from insured shall not relieve Broker of liability to American Specialty except to the extent of amounts actually collected by American Specialty from insured, less the expense of such collection. In the event American Specialty shall have to bring any action or proceeding to enforce collection of any amount due under the terms of this Agreement, Broker agrees to pay all costs incident thereto, including reasonable attorney’s fees, incurred by reason of such action or proceeding.

Premium and Accounts. Broker shall accept the format of American Specialty’s xxxxxxxx, which may take the form of binders, invoices, statements or similar communications. The net balance due as shown on such xxxxxxxx shall be paid by the billing due date, irrespective of whether a policy has been delivered to Broker by such date. Broker guarantees the full payment due American Specialty of all premiums including deposit, earned, extension and adjustable premiums, fees, plus applicable state and local taxes, less commission, on every insurance contract bound or written for Broker pursuant to this Agreement, whether or not collected by Broker. The net balance will be due and payable as indicated on such xxxxxxxx and may vary based upon the credit terms of the issuing Insurer. The omission of any item(s) from a monthly statement or separate invoice shall not: (1) affect Broker’s responsibility to account for and pay all amounts due; (2) prejudice the rights of American Specialty to collect all amounts due from Broker; or (3) extend the time within which Broker must make payment. BrokerXxxxxx’s obligation to make payment to American Specialty is not contingent upon the issuance of the policy. Any credit extended to the insured or others shall be at the sole risk and responsibility of Broker unless otherwise agreed in writing by American Specialty. Attempts by American Specialty to collect premiums (including audit premium discussed below) from insured shall not relieve Broker of liability to American Specialty except to the extent of amounts actually collected by American Specialty from insured, less the expense of such collection. In the event American Specialty shall have to bring any action or proceeding to enforce collection of any amount due under the terms of this Agreement, Broker Xxxxxx agrees to pay all costs incident thereto, including reasonable attorney’s fees, incurred by reason of such action or proceeding.