Refunds of Premiums & Premium Tax. In the event of cancellation or modification of an insurance contract for whatever reason that results in an obligation to refund all or part of the premium and/or premium tax, American Specialty’s sole obligation shall be to remit the required premium or premium tax directly to Broker rather than to insured, to any premium finance company or to any other person or entity. Notwithstanding the foregoing, no amount of premium tax shall be returnable until recovered by American Specialty and the amount to be returned shall in no event exceed the amount recovered.
Appears in 4 contracts
Samples: Broker Agreement, Broker Agreement, Broker Agreement
