Common use of Premium Payment Terms Clause in Contracts

Premium Payment Terms. We will notify you of premiums due to insurers by sending you a cover/debit note or invoice once we have finished arranging your insurance. This will normally be sent to you within fourteen days from the start of cover. Premiums are due from the moment the insurance comes into force. So that we can settle your premium to insurers promptly, we ask that you pay the premiums due within the terms specified on the cover/debit note or covering letter - this will normally be immediately. You are responsible for paying promptly, all of our invoices, premiums, duties, fees etc., to enable us to make the necessary payments to insurers in respect of your insurances. For the avoidance of doubt, we have no obligation to fund any premiums, duties, fees etc. on your behalf, and have no responsibility for any loss that you may suffer as a result of your insurers cancelling the policy, or taking any other prejudicial steps as a result of a late payment of such premiums, duties, fees etc. if such delay is substantially attributable to you. If your policy, or the terms offered to you, contains a premium payment warranty/condition you should pay particular attention to its terms as failure to comply will mean an automatic right to void the policy by the insurer if payment has not been made in accordance with the terms of the warranty/condition. You may be able to spread your payments through an insurers' instalment scheme, a credit scheme with a third party finance provider, or a facility we have arranged ourselves. We will give you full information about your payment options when we discuss your insurance in detail. In order to be able to offer you credit facilities we have the required permissions from the FCA.