Common use of Risk Transfer Clause in Contracts

Risk Transfer. Risk transfer applies where money is held by Aston Lark Limited as agent of a relevant insurer in accordance with a written agreement with that insurer. The written agreement will specify the extent to which risk transfer will apply and whether it includes all items of money or is restricted for example, to the receipt of premiums. Where risk transfer applies, You will be protected to the extent that any premiums Aston Lark Limited receive from You are treated as having been received by the insurer when they are received by Aston Lark Limited. Where the agreement extends to premium refunds and/or claims, any premium refunds or claims will be treated as received by You only when they are actually paid to You.