Common use of Right to Adjust Rates Clause in Contracts

Right to Adjust Rates. We retain the right to adjust premium rates applicable to this Policy (i) on an annual basis on each successive anniversary of the policy commencement date specified in the Schedule; (ii) If, Our loss ratio (incurred claims over earned premium) exceeds the ratio specified in the Schedule; or (iii) if parts and labour costs change under certain unforeseen circumstances, including, but not limited to, currency devaluation, tariff, taxation, etc. In the event of an adjustment pursuant to clause (i) or (ii), We shall provide You with 60 days prior written notice.

Right to Adjust Rates. We retain the right to adjust premium rates applicable to this Policy (i) on an annual basis on each successive anniversary of or the policy commencement date frequency specified in the SchedulePolicy Schedule from the effective date of the Policy Period; (ii) If, Our loss ratio (incurred claims over earned premium) exceeds the ratio specified in the Policy Schedule; or (iii) if parts and labour costs change under certain unforeseen circumstances, including, but not limited to, currency devaluation, tariff, taxation, etc. In the event of an adjustment pursuant to clause (i) or (ii), We shall provide You with 60 days prior written notice.