PREMIUM SUBMISSION Clause Samples
The PREMIUM SUBMISSION clause sets out the requirements and procedures for submitting insurance premium payments to the insurer. Typically, it specifies the timing, method, and recipient of the premium payments, and may outline consequences for late or incomplete submissions, such as lapses in coverage or additional fees. This clause ensures that both parties are clear on their financial obligations and helps prevent disputes or interruptions in insurance coverage due to payment issues.
PREMIUM SUBMISSION. All premiums and monies received by the Agency or Agent for Company Business shall be in the form of credit card (Visa or MasterCard) or money order, cashier’s check, or company or personal check from the insured or another party on the insured’s behalf, made payable to Centauri Specialty Insurance Company and shall immediately be remitted directly to Company by mail or processed electronically via the Company’s Policy Administration System and in accordance
PREMIUM SUBMISSION. All premiums received or collected by the Member Agency on behalf of the Company, whether in gross or as a down payment under a Premium Payment Plan, shall be forwarded, along with the corresponding applications and other supporting documents, to the Company within five (5) business days following the inception date of coverage or the date application is taken, whichever occurs first. The Member Agency and its Producers shall not deduct commissions from the premiums, nor shall the Member Agency or its Producers charge or collect any fee or surcharge from an applicant or insured in excess of the applicable Company premium. The Member Agency shall solely be responsible for the payment of all costs and expenses incurred in connection with any accounts written or service provided under this agreement.
PREMIUM SUBMISSION. All premiums and monies received by the Agency or Agent for Company Business shall be made payable to MGA and be remitted immediately to MGA, in accordance with the provisions and procedures set forth in the Documents. The Agency or Agent may not charge or collect any fee or surcharge, including fees for inspections or photographs, from an applicant or insured in excess of the authorized Company premium, surcharge, assessment, or fees, if any. Bank charges for returned checks and applicable credit card fees, if used to collect premiums, are recoverable from the applicant or insured by the Agency or Agent only to the extent authorized under the laws and regulations of the applicable state; however, these charges may not be included as part of the Company premium.
PREMIUM SUBMISSION. All premiums and monies received by the Agency for Company Business shall be made payable to Company and be received by Company no later than fifteen (15) days from the effective date of the policy, in accordance with the provisions and procedures set forth in the Documents. The Agency may not charge or collect any fee or surcharge, including fees for inspections or photographs, from an applicant or insured in excess of the authorized premium, surcharge, assessment, or fees, if any. Bank charges for returned checks and applicable credit card fees, if used to collect premiums, are recoverable from the applicant or insured by the Agency only to the extent authorized under the laws and regulations of the applicable state; however, these charges may not be included as part of the premium.
PREMIUM SUBMISSION. All premiums received or collected by the Agency on behalf of the Company, whether in gross or as a down payment under a Premium Payment Plan, shall be forwarded, along with the corresponding applications and other supporting documents, to the Company no later than forty-eight (48) hours following the inception date of coverage or the date application is taken, whichever occurs first. The Agency and its Producers shall not deduct commissions from the premiums, nor shall the Agency or its Producers charge or collect any fee or surcharge from an applicant or insured in excess of the applicable Company premium.