Responsibility for Premiums. Lessee shall keep in force the foregoing insurance coverages at its expense; provided, however, that Lessor shall reimburse Lessee for any other casualty coverages required by Lessor not specifically required in (i) - (viii) of subsection (a) above. If requested by any Lender of the Lessor relating to the Leased Property, the Lessee shall provide any funds for the escrow of any insurance premiums, and the Lessee shall receive any income on such escrowed funds and shall receive any funds released from such account.
Responsibility for Premiums. 5.1 The Broker shall hold monies received from their client on behalf of TUL in a statutory or non-statutory trust account in accordance with, as a minimum standard, the requirements of the FCA Rules.
5.2 Unless otherwise stated TUL will act as agent of the insurer for the holding of all premiums and claims money. Risk Transfer will not be cascaded to the Broker unless specifically stated.
5.3 The client shall be liable to TUL for the payment of all sums which may be due or may become due at any time arising from the insurance placed on their behalf under this Agreement. In the event of failure, by the Broker, of payment to TUL within the agreed terms of credit, TUL will be entitled to approach the client directly for payment of the outstanding premiums and apply the provisions of any premium payment warranty.
5.4 The Broker is entitled to retain any interest earned on premiums or return premiums unless it is in default of the credit terms.
Responsibility for Premiums. Lessee shall keep in force the foregoing insurance coverage at its expense.
Responsibility for Premiums. All premiums shall be reflected in the approved Annual Plan and paid out of Gross Revenue pursuant to Section 7.01.
Responsibility for Premiums iprism and its introducing Agents have been appointed as agents of the Insurers for the purposes of receiving premiums from customers and for the purpose of receiving and holding premium refunds prior to the transmission to the client in question. In respect of this appointment, iprism has been given consent from all its Insurers to extend Risk Transfer to Agents, (and approved intermediaries of the Agent), of iprism and this will be in place once the customer has paid the premium to the Agent or their intermediary. Insurers have agreed that the Agent, (and any of their appointed intermediaries, approved by iprism) must either:
(i) hold all such monies as agent of the Insurers in a trust account with an Approved Bank (as defined by the FCA). This account must not be subject to any set off, charge or lien. or
(ii) co-mingle monies relating to this agreement with client money in a statutory or non-statutory trust client money bank account as permitted under the FCA Client Money rules (set out in CASS 5). The Insurers consent to the co-mingling of monies collected under the agreement of risk transfer, with client money, (statutory or non-statutory trust client money bank accounts), and agrees that their interests will be subordinated to the prior claims of clients whose money is subject to such trusts. In order for the Agent to discharge their fiduciary responsibilities, premiums paid to iprism may be deemed to have been paid to Insurers. The Agent and their approved intermediaries are entitled to any interest or investment income earned on the monies referred to above. The Agent will be responsible for the payment of net premiums and IPT to iprism according to Clause 11 of this agreement, irrespective of receipt of such premiums from clients or approved intermediaries.
Responsibility for Premiums. All premiums on policies of insurance which Lessee is obligated to obtain shall be paid by Lessee. The originals of such policies shall be delivered to Lessor except when such originals are required to be held by any mortgagee, in which case certificates of insurance shall be delivered to Lessor. Policies or certificates with respect to renewal policies shall be delivered to Lessor by Lessee not less than thirty (30) days prior to the expiration of the original policies, or succeeding renewals, as the case may be, together with receipts or other evidence that the premiums thereon have been paid for at least one year. Premiums on polices shall not be financed in any manner whereby the lender, on default or otherwise, shall have the right or privilege of surrendering or canceling the policies; provided, however, that Lessee may pay premiums in annual installments so long as such method of payment does not constitute a default under any mortgage.
Responsibility for Premiums. 13.7.1 You undertake not to issue any insurance policy, receipt, confirmation of renewal or endorsement to a policyholder unless the relevant Premium has been paid, otherwise You will remain liable for payment of the Net Premium to Us. All renewal invitations, endorsements and other documents for which You have not received a Premium must be returned to Us immediately, otherwise You will be responsible for the payment of Net Premium, for the time on risk charge (as applicable) to Us.
13.7.2 If You fail to cancel the insurance policy correctly and We subsequently agree to reinstate cover and/or settle a claim under the insurance policy, You will be responsible for the full Net Premium due.
Responsibility for Premiums. All insurance premiums shall be reflected in the approved Annual Plan. Premiums for policies to be procured and maintained by Manager and Owner under Article 8 as provided herein (i.e., such as pertain to Hotel operations), as well as any deductibles or similar self-insured retentions paid toward any claim covered by such policies, shall be paid out of the Hotel Account(s) and treated as Operating Expenses.
Responsibility for Premiums. Under Our Delegated Authority We are agents of the Insurers for the purposes of receiving premiums from customers and agents and receive premium risk transfer so that once premiums are paid to us they are deemed to have been paid to the Insurers. We are also agents of the Insurers for the purpose of receiving and holding premium refunds prior to the transmission to clients or agents and for the payment of claims.
Responsibility for Premiums. 10.1 You are authorised to, and shall, collect premiums and IPT from clients on our behalf from the inception date of the insurance policy or when the policy is concluded, if earlier. You shall be responsible to us for payment of net premiums and IPT, whether or not collected by you from the client by the day following the end of the credit period in accordance with section 9.3.
10.2 If you do not expect to collect the premium from the client by the end of the credit period, you must notify us immediately. We will then inform you that we will either remain on risk for a further period or that the policy will be cancelled. Your responsibility for premium shall not affect our right to cancel the policy, whether for non-payment of premium or for any other reason. Where we cancel a policy and make a premium charge to the client in respect of the time on risk, your responsibility for premium shall be limited to the premium charge for the time on risk.
10.3 Where the premium due has not been paid to us but we agree to make payment of a claim under the policy concerned, you will be responsible for immediate payment of the premium in full. If a policy is cancelled but you have failed to deal with the administration of cancellation correctly and we are subsequently required to reinstate cover and/or settle a claim under that policy you will be responsible for payment of the premium.
10.4 In any case, where we require the client to pay a provisional premium, pending calculation or agreement of the full premium for a policy Section 10.1 shall have effect in relation to the provisional premium and subsequent adjustment.
10.5 For the avoidance of doubt, any arrangements between the policyholder and you, or any party other than us, for the giving of credit in respect of, or the provision of finance or the extension of time for payment of premium, shall be at your or other third party’s risk and shall not affect your responsibility to us for premium.
