Premium Discounts Sample Clauses
The Premium Discounts clause defines the conditions under which a policyholder is eligible to receive a reduction in their insurance premium. Typically, this clause outlines specific criteria such as maintaining a claim-free record, installing safety devices, or bundling multiple policies, which can qualify the insured for a discount. Its core practical function is to incentivize risk-reducing behavior and reward customers for actions that lower the insurer's potential exposure, ultimately making insurance more affordable for responsible policyholders.
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Premium Discounts. A premium discount shall be applied to the total premium costs monthly, on a warehouse by warehouse basis. The discount shall be removed if at any time the weekly inspections are not carried out or if the service is terminated before the insurance coverage end. The insured must:
a) Store inventory in warehouses owned and controlled by the insured, or stored under the control of a third party, which is inspected weekly by a qualified warehouse inspector;
b) Provide the Corporation with a copy of the warehouse inspection certificate for the person responsible for carrying out the inspections; or
c) A contract for the service identifying the qualified inspector for hired services;
d) Prepare weekly reports available to the Corporation;
e) Mitigate any problems identified by the reports. A qualified warehouse is one who has completed a Certified Warehouse Inspection Program consisting of:
i. Classroom and practical training;
ii. Instrument calibration and function training;
Premium Discounts. The Company may, from time to time at its option, offer Premium discounts to the named insured who meets certain underwriting criteria. These discounts may be altered, changed, modified, revised, discontinued, or terminated at any time by the Company at its discretion, upon thirty (30) days written notice to you.
Premium Discounts. The following table of discounts is available for use by the Member without prior referral to Pool Re. Please refer to sections 7.4 and 7.5 above for more details. Loss Limits Flexible Limit of Loss - BI Cover Greater than 80% 0% 70% – 80% 3% 65 – 69% 5% 60 – 64% 7.5% 55% – 59% 10% Below 55% Refer to Pool Re The Total Sum Insured (“TSI”) is the combined material damage declared value (“MD”) and NDBI estimated value (adjusted for the Maximum Indemnity Period) for the specific location in question.
Premium Discounts. The Company may, from time to time at its option, offer Premium discounts to the named insured who meets certain underwriting criteria. These discounts may be altered, changed, modified, revised, discontinued, or terminated at any time by the Company at its discretion, upon thirty (30) days written notice to You. Each named insured may receive a one-time per Policy period promotional offer, which includes, but is not limited to, gift cards, coupons, gift certificates, and items of merchandise. The maximum value of any promotional item will not exceed the maximum dollar amount allowed in the state of residence.
Premium Discounts. A premium discount shall be applied to the total premium costs for eligible inventory which is stored in warehouses owned and controlled by the insured or inventory stored under the control of a third party which is inspected weekly by a qualified warehouse inspector. A qualified warehouse inspector is one who has completed a Certified Warehouse Inspection Program consisting of :
a) classroom instruction;
b) practical training;
c) instrument calibration and function training;
d) at least 2 warehouse evaluations before testing;
e) written test; and
f) warehouse evaluation testing. This discount is offered with the understanding that weekly inspection by a qualified warehouse inspector, following an inspection protocol, can identify storage problems early and that this information can assist the producer to manage losses. Weekly reports must be presented to the insured and be available to the Corporation. The insured is required to take actions to mitigate any problems identified by the reports. The discount shall be applied to the premium costs for the insured inventory which is under an inspection program. The discount shall be applied monthly, on a warehouse by warehouse basis. In order to trigger the discount the insured must provide the Corporation with;
i. a contract for the service identifying the qualified inspector; or
ii. a copy of the warehouse inspection certificate for the person responsible for carrying out the inspections. The discount shall be removed if at any time the weekly inspections are not carried out or if the service is terminated before the insurance coverage ends.
Premium Discounts