PREMIUM ADJUSTMENT Sample Clauses

PREMIUM ADJUSTMENT. This clause is applicable if a specific amount of insurance is shown on the “Declaration Page” for “Stock”. If within 6 months after the expiry or anniversary date of each period of insurance, the Insured shall file with the Insurer a Premium Adjustment Application Form showing, for the said period, the actual cash value of the “Stock” insured on the last day of each month at each location as commented upon by the Insured’s Accountant, the actual premium for the said period shall then be calculated at the rate applying to each location for the average amount of the total values declared. If the premium paid by the Insured for such “Stock” exceeds the actual premium thus calculated, the Insurer shall refund to the Insured any excess paid, subject to a maximum refund of 50% of the premium paid. In the event of any monthly-declared values being in excess of the amount of insurance, the amount of the excess shall not be included in the premium adjustment calculations.

PREMIUM ADJUSTMENT. The Advance Premium stated in Item 5 of the application is computed on the estimated total “cost of hire” for the Policy Period. The words “cost of hire” as used herein mean the entire amount incurred for “Hired Automobiles” and drivers when such automobiles are hired with drivers or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “contract cost” for the Policy Period. The words “contract cost” as used herein mean the entire amount paid by the Insured for “Automobiles Operated under Contract” to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions are applicable in all Provinces of Canada (other than Quebec), except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side of this page. In these Statutory Conditions, unless the context otherwise requires, the word “insured” means a person insured by this contract whether named or not with respect to Section B of S.P.F. No. 1 and S.P.F. No. 4 only Statutory Conditions 1, 8 and 9 shall apply.

PREMIUM ADJUSTMENT. If the premium for this Policy has been calculated on estimates by You, You shall within 30 days after expiry of the Period of Insurance provide Us with such particulars and information relevant to the Policy as We may reasonably require. The premium for the period shall be adjusted and any difference paid by or allowed to You as the case may be. Provided that the adjusted premium shall not be lower than the minimum premium normally charged by Us.

PREMIUM ADJUSTMENT. This clause applies if Premium Adjustment is indicated on the “Declarations Page” The Newly Acquired Equipment clause is deleted and replaced by: This Form also insures additional items of a similar kind to that scheduled in the “Declarations Page” acquired by the Insured during the policy period. This extension of insurance shall be limited to the Newly Acquired Equipment limit shown in the “Declarations Page” or, if no such limit be shown, to a maximum recovery of fifty thousand dollars ($50,000) with respect to any one loss, or series of losses arising out of the same event. The premium applicable to this Form is provisional only. The actual premium for the liability assumed hereunder shall be determined at the expiration of the policy as follows: The Co-Insurance Clause forming part of the Contractors’ Equipment Form does not apply to Newly Acquired Property subsequent to policy inception. The Insured agrees to report to the Insurer, within thirty (30) days following the expiration date of the policy, the average of the total values insured from the policy inception date to the policy expiration date, and if the premium on such average values calculated at the rate specified in the “Declarations Page” exceeds the provisional premium the Insured shall pay the additional premium for such excess. If such premium is less than the provisional premium, the Insurer shall refund to the Insured any excess paid subject to the minimum premium stated in the “Declarations Page”. No adjustment shall be necessary with respect to the property unless the expiring values are more than 5% different than the value declared at inception of this policy. The Insurer, or it’s duly appointed representative, shall be permitted during the term of this Form, or within a year after its expiration, to inspect the property insured hereunder and to examine the Insured’s books, records and such policies as may be relate to any property insured hereunder.

PREMIUM ADJUSTMENT. Reinsurance premiums for the interval during which the policy was lapsed will be paid to THE REINSURER by THE COMPANY.

PREMIUM ADJUSTMENT. The reinsurance premiums for the interval during which the policy was lapsed will be paid to the Reinsurer on the same basis as the Ceding Company charged its policyholder for the reinstatement.

PREMIUM ADJUSTMENT. 7 13. PREMIUM TAX REIMBURSEMENT.................................................7

PREMIUM ADJUSTMENT. Where the Premium paid by You at the inception of this Policy is calculated on Your estimated Gross Revenue or other estimated amount provided by You to Us, You must, within 30 (thirty) calendar days after the termination of the Period of Insurance, provide Us the actual amount realised during the Period of Insurance so that We may calculate any adjustment Premium that may be payable. Prevention of Accidents You must take reasonable precautions to prevent Personal Injury or Property Damage as if You were not covered by this Policy. Such precautions include but are not limited to

PREMIUM ADJUSTMENT. Reinsurance premiums for the interval during which the policy was lapsed will be paid to ANNUITY & LIFE RE on a YRT basis by PRUCO OF NJ.