Premiums and Claims Sample Clauses
Premiums and Claims. 6.1 Where the Broker holds: -
(a) premium due to be paid to the Coverholder;
(b) return premium due to be paid to the Broker’s client; or
(c) claims monies due to be paid to the Broker’s client; or
(d) money received by the Broker from the Coverholder for onward payment to agents of the Coverholder in respect of claims adjustment, legal and similar professional fees the Broker shall hold such monies as the agent of the Coverholder. The Broker has no authority under this Agree- ment to permit any third-party, sub-agent, or Appointed Representative (as defined in the UK Regulator’s Hand- book) to receive, hold, or pay any money on behalf of the Coverholder, without the Coverholder’s consent.
6.2 The Broker shall advise the Coverholder within 7 days of receipt of any request from the Coverholder, whether it has received any specified premiums.
6.3 Provided always that the Broker shall itself have received the premium, the Broker shall, unless the Broker raises a dispute with the Coverholder as to the premium or terms of trade in accordance with the relevant Slip in good faith (a “Dispute”), pay that premium (net of Commission, but including Taxes) to the Coverholder within the time per- mitted for the Insured to pay such premium in accordance with the terms of trade incorporated in the relevant Slip or otherwise as agreed between the Coverholder and the Insured. In the event the Broker receives the premium after the time permitted for the Insured to pay the premium and provided the relevant contract of insurance has not been validly cancelled, the Broker shall pay that premium (net of Commission,but including Taxes) to the Cov- erholder as soon as reasonably possible. Where there is a Dispute between the Coverholder and Broker, once re- solved, and provided the relevant contract of insurance continues to be in place and has not been validly cancelled, the Broker shall pay the relevant premium (net of Commission, but including Taxes) as soon as reasonably possible.
6.4 Unless otherwise agreed, the Broker shall remain liable to the Coverholder for premiums where Section 53 (i) and Section 53 (ii) of the Marine Insurance ▇▇▇ ▇▇▇▇ apply.
6.5 Pending payment to the Coverholder or client (as the case may be), the Broker may hold the monies described in clause 6.1 above as the agent and trustee of the Coverholder: (i) within its client monies account, which shall be a non-statutory trust account established in accordance with CASS 5.4; or (ii) a Coverholder trust ac...
Premiums and Claims. 7.1 The Producer shall hold such monies as the agent of the client. The Producer has no authority under this Agreement to permit any third-party, sub-agent, or Appointed Representative (as defined in the FCA’s Handbook) to receive, hold, or pay any money on behalf of the Underwriting Manager, without the Underwriting Manager’s consent. For the benefit of clarity, the Underwriting Manager and/or insurers do not grant risk transfer to the Producer.
7.2 Provided the Producer shall itself have received the premium (including Taxes) or part thereof, the Producer shall pay such premium (net of Commission, but including Taxes) or part thereof to the Underwriting Manager within the time permitted for the Insured to pay such premium in accordance with the terms of trade incorporated in the relevant Slip or otherwise as agreed between the Underwriting Manager and the Insured. In the event the Producer receives the premium after the time permitted for the Insured to pay the premium and provided the relevant contract of insurance has not been validly cancelled, the Producer shall pay that premium (net of Commission but including Taxes) to the Underwriting Manager as soon as reasonably possible.
7.3 Pending payment to the Underwriting Manager, a third party or the Producer's client (as the case may be), the Producer shall hold client and insurer monies separated from its own monies and, where relevant in accordance with the FCA’s CASS (or other regulatory body) rules. The Underwriting Manager further agrees that any interest earned on the said account shall accrue to the Producer.
7.4 In the event of the cancellation or avoidance of a contract of insurance, where the Underwriting Manager is obliged by law, regulation or the terms of the contract of insurance to repay gross premiums in respect of such contract of insurance, the Producer agrees to repay the relevant Commission (which shall not, for the purpose, of this section include fees paid by the Insured). Such repayment shall, in the case of cancellation, be only in respect of Commission received by the Producer which is attributable to that part of the premium repaid. Unless otherwise obliged to by law, regulation or terms of the contract of insurance, the Underwriting Manager shall refund premiums net of Commission.
7.5 The Underwriting Manager warrants that all insurance monies are held in an account separated from its own monies and in accordance with the FCA’s CASS rules.
Premiums and Claims. 5.1 Premium due to be paid direct to the Coverholder from the client.
5.2 Return premium due to be paid to the Introducer’s client.
5.3 claims monies due to be paid to the Introducer’s client.
Premiums and Claims. Particulars of all policies of insurance of the Company now in force have been Disclosed and such particulars are true and correct and all premiums due on such policies have been duly paid and all such policies are valid and in force. So far as the Warrantors are aware there are no circumstances which might lead to any liability under such insurance being avoided by the insurers or the premiums being increased. There is no claim outstanding under any such policies and so far as the Warrantors are aware there are no circumstances likely to give rise to a claim.
Premiums and Claims. 6.1.1 How the GRP Group Entity will hold and manage all insurance monies under this Agreement is set out separately in the Schedule(s) attached to this Agreement for each GRP Group Entity.
6.1.2 The GRP Group Entity is authorised by certain Insurers to agree on behalf of those Insurers that the Broker can hold certain insurance monies as agent of Insurer (‘Cascade of risk transfer’). Where this is the case, the identity of those Insurers, the scope of the risk transfer and any related terms or conditions for the Cascade of risk transfer to the Broker are specified within the relevant Schedule.
6.1.3 Other than as specified in the relevant Schedule, the Broker shall have no authority to collect or hold any monies on behalf of the GRP Group Entity or the Insurer and all such monies must therefore be held by the Broker as client money on behalf of the Insured.
Premiums and Claims. 6.1 The Intermediary shall hold:-
6.1.1 any premium (including Taxes) due to be paid to the Insurer;
6.1.2 any return premium refunds due to the Intermediary's client; and
6.1.3 any other monies held by the Intermediary in respect of Insurance Business conducted under these Terms of Business as agent of the Intermediary's client or Insured and the Intermediary shall have no authority to hold such monies on behalf of the Insurer.
6.2 The Intermediary shall advise the Insurer within seven (7) days of receipt of any request from the Insurer, whether it has received any specified premiums or forwarded on any monies specified in 6.1 to the intended recipient.
6.3 The Intermediary shall pay the premium collected by it (net of Commission, but including Taxes) to the Insurer in accordance with any Proposition Statement or otherwise agreed in writing between the Intermediary and the Insurer.
6.4 The Intermediary shall notify the Insurer, within fourteen (14) days when the Insured has failed to pay the premium (or, as the case may be, any provisional premium).
6.5 In the event of the cancellation of any Insurance Business, where the Insurer is obliged by law, regulation or the terms of the Insurance Business to refund gross premiums in respect of such Insurance Business, the Intermediary agrees to refund the relevant Commission (which shall not for the purpose of this clause include fees) received by the Intermediary which is attributable to the period following cancellation of the Insurance Business for which such Insurance Business would otherwise have remained in force. The Insurer shall refund premiums net of Commission.
6.6 The Intermediary will collect the information specified, from time to time by the Insurer, from the Insured who wish to make a claim under any Insurance Business issued by the Insurer and will forward this in the agreed format to the Insurer to consider the claim.
6.7 The Insurer will pay to the Intermediary, as agent for the Insured, such amounts as it determines to settle claims. The Intermediary will forward all monies so received to the Insured within seven (7) days of receipt.
6.8 Unless otherwise agreed in writing by the Insurer, the Intermediary has no authority to admit, settle, negotiate or compromise claims or to give an Insured any instructions or advice concerning the actual or probable outcome of any claim on behalf of the Insurer.
6.9 The Intermediary shall not in connection with a claim under any Insurance Business, unless agr...
Premiums and Claims. Particulars of all policies of insurance of the Company now in force have been Disclosed and such particulars are true and correct and all premiums due on such policies have been duly paid and all such policies are valid and in force. So far as the Sellers and the Company are aware there are no circumstances and there is no action which the Company has or has not taken in relation to a claim that would otherwise be payable under the policy which might lead to a repudiation of any such policy or to any liability under such insurance being avoided by the insurers in relation to a claim that would otherwise be payable under the policy or to the premiums being increased. There is no claim outstanding under any such policies and so far as the Sellers are aware there are no circumstances likely to give rise to such a claim.
Premiums and Claims. 6.1 Except where stated in 6.2, where the Broker holds:-
(a) premium due to be paid to the Insurer;
(b) return premium due to be paid to the Broker’s client; or
(c) claims monies due to be paid to the Broker’s client, the Broker shall hold such monies as the agent of the client. The Broker has no authority under this Agreement to permit any third-party, sub-agent, or Appointed Representative (as defined in the FSA’s Handbook) to receive, hold, or pay any money on behalf of the Insurer, without the Insurer’s consent.
6.2 Where the bBroker holds monies: -
(a) defined above as coverholder or as placing broker for a coverholder; or
(b) for onwards payment to agents or representatives of the Insurer in respect of claims adjustment, legal and similar professional fees;
(c) on behalf of the Insurer by reason of any legal or regulatory requirements or if specified in the relevant Slip; then the Broker shall hold such monies as agent and trustee of the Insurer.
6.3 The In respect of monies held under clause 6.2, the Broker shall advise the Insurer within 7 days of receipt of any request from the Insurer, whether it has received any specified premiums and notify the Insurer, within such time as may be agreed between the Parties, that the insured has failed to pay the premium (or as the case may be, any provisional premium).
Premiums and Claims. Particulars of all policies of insurance of the Company now in force have been Disclosed and such particulars are true and correct and all premiums due on such policies have been duly paid and, so far as the Warrantors are aware, all such policies are valid and in force. So far as the Warrantors and the Company are aware there are no circumstances and there is no action which the Company has or has not taken in relation to a claim that would otherwise be payable under the policy which might lead to a repudiation of any such policy or to any liability under such insurance being avoided by the insurers in relation to a claim that would otherwise be payable under the policy or to the premiums being increased. There is no claim outstanding under any such policies and so far as the Warrantors are aware there are no circumstances likely to give rise to such a claim.
Premiums and Claims. 6.1 Except where stated in 6.2, where the Broker holds:-
(a) premium due to be paid to the Coverholder;
(b) return premium due to be paid to the Broker’s client; or
(c) claims monies due to be paid to the Broker’s client, the Broker shall hold such monies as the agent of the client. The Broker has no authority under this Agreement to permit any third-party, sub-agent, or Appointed Representative (as defined in the UK Regulator’s Handbook) to receive, hold, or pay any money on behalf of the Coverholder, without the Coverholder’s consent.