Common use of Policy Documentation Clause in Contracts

Policy Documentation. Our policy is that policy documentation will be issued in a timely manner. Your policy documentation will confirm the basis of the cover, give details of the insurers and the total premium payable. Prior to the conclusion of the contract you will be given a statement of demands and needs - you should read this carefully. It will set out your demands and needs and confirm whether the contract has been personally recommended and, if so, the reasons for making that recommendation. You will be provided with renewal terms in a durable medium in good time before expiry of the policy, or notified that renewal is not being invited. Attached to the renewal terms will be a statement of any changes to the terms of the policy, and changes to directive-required information (information required under the EU Directives), statement of price and information about cancellation. You will be given an explanation of any changes, where necessary and in good time, which may appear in your policy and you will be advised of your right to request a new policy statement. If renewal is not being offered you will be notified no less than 21 days before expiry of the policy. It is our policy to retain documents for business effected on your behalf in electronic or paper format for up to 6 years. For some types of insurance cover it is possible that a claim may be made under a policy long after its expiry date and it is therefore important you keep such documents safely. Payment of Premiums: Premiums should be paid promptly. This means that the premium should reach us before 15 days of renewal or inception of the policy. If you do not meet this criterion, we cannot be held responsible for any claim declinature by your insurer on the grounds of non or late premium payment. If you place an order for business with us and your order is subsequently withdrawn and you are liable for any short period rates or other premium charges by the insurers, you shall pay that premium or charges within 15 days. In the event of your not paying the premium by the due date, or in the event of your defaulting for any reason on any premium instalment plan, you agree to pay the premium when requested, together with interest calculated daily on the Barclays base lending rate +3%, together with any legal fees or debt collection fees incurred in pursuit of the premium due. Please note that your policy will cease if you fail to keep up payments on an instalment agreement or premium finance agreement related to it.