HOLD COVERED Clause Samples
The "Hold Covered" clause is designed to protect a party, typically a buyer or seller in a commodities or shipping contract, when the other party fails to perform as agreed. If one party defaults, the non-defaulting party is allowed to take reasonable steps to cover their position, such as purchasing or selling the goods elsewhere, and recover any resulting losses from the defaulting party. This clause ensures that the non-breaching party is not left exposed to market fluctuations or additional costs due to the other party's failure, thereby allocating risk and providing a clear remedy for non-performance.
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HOLD COVERED. The Company hereby authorises the Intermediary to provide cover to a Policyholder for a limited and interim period (“the hold covered period”) during which neither the Company, nor the Intermediary, as the case may be, has received premiums due from a Policyholder on the Due Date (“the hold covered arrangement”) nor are the cover terms and conditions settled between the Company and the Policyholder. The following terms and condition are applicable to the hold covered authority granted to the Intermediary:
2.1 Cover may be provided for hold covered period commencing on the Due Date and valid for a period of not more than 30 (thirty) days in respect of commercial lines business pending settlement of the terms and conditions of cover, payment of premium to the Company during the hold covered period and the Intermediary has in writing confirmed the Company’s legal liability under the relevant policy prior to the expiry of the hold covered period.
2.2 Cover may be provided for hold covered period commencing on the Due Date and valid for a period of not more than 96 (ninety six) hours in respect of personal lines business pending settlement of the terms and conditions of cover, payment of premium to the Company during the hold covered period and the Intermediary has in writing confirmed the Company’s legal liability under the relevant policy prior to the expiry of the hold covered period.
2.3 The Company may, in its sole discretion, terminate this hold covered arrangement at any time and for any reason whatsoever by providing the Intermediary with 30 day’s written notice to that effect.
HOLD COVERED. 9.1 The insurer is not obliged to hold any risk covered after expiry of any contract of insurance, interim or otherwise.
HOLD COVERED. The Company hereby authorises the Intermediary to provide cover to a Policyholder for a limited and interim period (“the hold covered period”) during which nei has received premiums due from a Policyholder on the Due Date ( cover terms and conditions settled between the Company and the Policyholder. The following terms and condition are applicable to the hold covered authority granted to the Intermediary:
2.1 Cover may be provided for hold covered period commencing on the Due Date and valid for a period of not more than 30 (thirty) days in respect of commercial lines business pending settlement of the terms and conditions of cover, payment of premium to the Company during the hold covered period and the Intermediary has in writing confirmed the Compan expiry of the hold covered period.
2.2 Cover may be provided for hold covered period commencing on the Due Date and valid for a period of not more than 96 (ninety six) hours in respect of personal lines business pending settlement of the terms and conditions of cover, payment of premium to the Company during the hold covered period and the Intermediary has in writing confirmed the Company’ expiry of the hold covered period.
2.3 The Company may, in its sole discretion, terminate this hold covered arrangement at any time and for any reason whatsoever by providing the Intermediary with 3 PHYSICAL ADDRESS: ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇ POSTAL ADDRES: ▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇ TEL NO: ▇▇▇▇ ▇▇▇ ▇▇▇ or +▇▇ ▇▇ ▇▇▇ ▇▇▇▇ FAX NO: +▇▇ ▇▇ ▇▇▇ ▇▇▇▇ REGISTRATION NO: 2006/018854/07 VAT NO: 4130230354