Common use of Premium and Audit Clause in Contracts

Premium and Audit. Premium for this coverage is computed in accordance with the Company’s rules and rates. Any premium shown as advance premium may be a deposit premium only. If the premium is a deposit premium, at the close of each audit period, the Company will compute the earned premium for that period. Audit premiums are due and payable upon notice. The Company may examine and audit the Insured’s books and records at any time during the Policy Period and within three years after the final termination of this policy, as far as they relate to the subject matter of this policy. The first Named Insured, as shown in the Declarations, must keep records of information the Company will need for premium computation and, upon request, must send the Company copies of the information.

Premium and Audit. Premium for this coverage is computed in accordance with the Company’s rules and rates. Any premium shown as advance premium may be a deposit premium only. If the premium is a deposit premium, at the close of each audit period, the Company will compute the earned premium for that period. Audit premiums are due and payable upon notice. The Company may examine and audit the Insured’s books and records at any time during the Policy Period and within three years after the final termination of this policy, as far as they relate to the subject matter of this policy. The first Named Insured, Insured as shown in the Declarations, Declarations must keep records of information the Company will need for premium computation and, and upon request, request must send the Company copies of the information.