PREMIUM PAYMENT WARRANTY
- Sunday, January 8, 2017, 18:17
- P-Clauses
- 3 comments
It is a fundamental and absolute special condition of this contract of insurance that the premium due must be paid and received by the Insurer within ninety (90) days from the inception date of this policy/endorsement/renewal certificate, unless otherwise agreed by the Insurer.
If this condition is not complied with then this contract is automatically cancelled and the Insurer shall be entitled to the pro rata premium for the period they have been on risk.
Where the premium payable pursuant to this warranty is received by an authorized agent of the Insurer, the payment shall be deemed to be received by the Insurer for the purposes of this warranty and the onus of proving that the premium payable was received by a person, including an insurance agent, who was not authorized to receive such premium shall lie on the Insurer.
Subject otherwise to the terms and conditions of this Policy.
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3 Comments on “PREMIUM PAYMENT WARRANTY”
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Thanks for explaining the clause.
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Thanks
There’s a quiet elegance in the way you express your thoughts, each word chosen with such care and precision.