AUTOMATIC RENEWAL CLAUSE
- Sunday, December 29, 2013, 10:41
- A-Clauses, Fire Insurance, Property All Risks (PAR)
- 2 comments
AUTOMATIC RENEWAL CLAUSE
Notwithstanding anything to the contrary contained in the Policy. It is hereby noted and agreed that this insurance is effected for an unlimited period commencing as from as stated in the schedule and is deemed to be automatically renewed of each subsequent year for a similar period of 12 (twelve) months. The premium is payable annually as of each renewal date provided that the company is entitle to terminate his insurance upon 30 (thirty days notice in writing being given. Such termination should be effected by registered letter to the last known address of the Insured. When the company terminates the Insurance, they are obliged to return pro-rate premium for the unexpired period of insurance. If it is the Insured Who terminates the insurance, premium will be calculate on a short term rate basis for the completed period of Insurance.
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