Common use of PREMIUM ADJUSTMENT Clause in Contracts

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. This clause applies If within 12 months after the expiration of this Policy the Insured shall file with the Insurer a premium adjustment application form showing: (a) the total amount of insurance carried on Gross Earnings as defined herein, less the limit of liability on "ordinary payroll expense" if Premium Adjustment the Ordinary Payroll (90 or 180 day limitation) is indicated on in effect, or "ordinary payroll expense" if the “Declarations Page” The Newly Acquired Equipment clause Ordinary Payroll Exclusion is deleted in effect, during the annual term of this Policy and replaced by: This Form also insures additional items that such amount was not decreased during the said annual term; and (b) that 80% of Gross Earnings as defined herein, less "ordinary payroll expense" if the Ordinary Payroll (90 or 180 day limitation) or the Ordinary Payroll Exclusion is in effect, certified by the Insured's Auditors as earned during the Insured's financial year most nearly concurrent with the annual term of the Policy was less than the total amount of insurance carried thereon; then the Insurer will allow in respect of its pro rata proportion of the difference a similar kind to that scheduled in return of premium not exceeding 50% (25% if the “Declarations Page” acquired co-insurance requirement is less than 80%, where eligible) of the premium paid by the Insured during the policy period. This extension under this Form in respect of insurance shall be limited to the Newly Acquired Equipment limit shown in the “Declarations Page” orsuch Gross Earnings (less "ordinary payroll expense", if no such limit be shown, to a maximum recovery the Ordinary Payroll [90 or 180 day limitation] or the Ordinary Payroll Exclusion is in effect). In the event 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, loss originating 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 FormPolicy, the premium for the full term of this insurance on the full amount paid or within a year after its expiration, payable for such loss shall be regarded as earned and no return premium shall be allowed in respect thereof. The Insurer reserves the right to inspect the property insured hereunder and to examine the Insured’s 's books, records and such policies as may be relate to this insurance for verification of any property insured hereunderstatement filed for the purpose of adjusting the premium of this insurance. Furthermore, the length of time of necessary interruption of business for which indemnity is payable is limited, in addition to those provisions set out in this Form, to a maximum of 12 consecutive calendar months following the date of damage or destruction.