Common use of Time of Payment of Claims Clause in Contracts

Time of Payment of Claims. All claims and indemnities payable under the terms of the policy shall be paid within 30 days following receipt by Us of due proof of loss. Failure to pay within such period shall entitle You to interest at the rate of 9 percent per annum from the 30th day after receipt of such proof of loss to the date of late payment, provided that interest amounting to less than one dollar need not be paid. You or Your assignee shall be notified by Us of any known failure to provide sufficient documentation for a due proof of loss within 30 days after receipt of the claim. Any required interest payments shall be made within 30 days after the payment. Benefit to Bailee: This insurance will in no way inure to the benefit of any carrier or other bailee.

Time of Payment of Claims. All claims and indemnities payable under the terms of the policy shall be paid within 30 thirty (30) days following receipt by Us of due proof of loss. Failure to pay within such period shall entitle You to interest at the rate of 9 percent per annum from the 30th day after receipt of such proof of loss to the date of late payment, provided that interest amounting to less than one dollar need not be paid. You or Your assignee shall be notified by Us of any known failure to provide sufficient documentation for a due proof of loss within 30 thirty (30) days after receipt of the claim. Any required interest payments shall be made within 30 thirty (30) days after the payment. Benefit to Bailee: This insurance will in no way inure to the benefit of any carrier or other bailee.