Common use of Material Alteration Clause in Contracts

Material Alteration. The Insured shall advise the Company as soon as reasonably practicable in writing of any alteration which materially affects the risk insured. Cover shall be void if the Insured knowingly conceals or misrepresents any material fact or circumstance concerning this Policy or the subject thereof or in the case of any fraud or false swearing by the Insured regarding any matter relating to this Policy or the subject thereof whether before or after a loss. Further if the Insured or Insured Person makes any claim knowing the same to be false or fraudulent as regards amount or otherwise or if the Insured or Insured Person makes any other misrepresentation such claim shall be excluded from coverage under this Policy. The Company also reserves the right to terminate this Policy and all future claims hereunder by the Insured may be forfeited. There can be no assignment of this Policy or any benefit or right under this Policy without the prior written consent of the Company.