Temporary Floating Premium Clause Samples
A Temporary Floating Premium clause establishes a provisional insurance premium that is subject to adjustment once more precise information becomes available. Typically, this clause is used when the final risk exposure or insured value cannot be determined at the policy's inception, such as in cases involving fluctuating inventories or variable shipment values. The clause allows coverage to begin immediately with an estimated premium, which is later recalculated based on actual figures, ensuring that both the insurer and insured are fairly treated and that the premium accurately reflects the true level of risk.
Temporary Floating Premium. Effective upon ratification, all nurses who are assigned to float to a regular unit, other than their hired unit(s)/area(s), except for Designated Float Nurses, shall receive one dollar fifty cents ($1.50) per hour float premium for all hours worked as a float to the other unit/area.