Premium Audit Sample Clauses
A Premium Audit clause allows an insurer to review and verify the actual exposure or risk covered under an insurance policy, typically after the policy period ends. This process often involves examining the insured's financial records, such as payroll or sales figures, to determine if the initial premium paid accurately reflects the risk. If discrepancies are found, the insurer may adjust the premium up or down accordingly. The core function of this clause is to ensure that the premium charged matches the true level of risk, preventing underpayment or overpayment and maintaining fairness for both parties.
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Premium Audit. With respect to any special policies or additional limits procured as a result of the Agreement, Contractor herby grants permission to Owner, or Owner’s representative, to audit any request for premium reimbursement including permission for Owner to contact and receive its broker’s certification.
Premium Audit a. We will compute all premiums for this insurance in accordance with our rules and rates.
b. Premium shown in this insurance as advance premium is a deposit premium only. At the close of each audit period we will compute the earned premium for that period. Audit premiums are due and payable on notice to the first "Named Insured". If the sum of the advance and audit premiums paid for the policy period is greater than the earned premium, we will return the excess to the first Named Insured subject to the retention of the minimum retained premium shown in the Declarations of this policy.
c. The first Named Insured must keep records of the information we need for premium computation, and send us copies at such times as we may request.
Premium Audit. Unless negotiated elsewhere and/or stated in the policy(ies) at issue, Safehold may conduct an audit of the payroll, mileage, cost of hire or other variable(s) which are the basis of the policy premium for the relevant policy period. Based upon the results of such audit, the premium may be increased or decreased to correspond to the actual payroll, mileage, cost of hire or other variable(s) which are the basis of the policy premium (an “Audit Adjustment”). Safehold shall provide written notice of the results of any such audit and an invoice representing any premium adjustment due as a result of the Audit Adjustment (the “Audit Adjustment Notice”). The insured and/or insurance carrier shall notify Safehold in writing (an “Audit Dispute”) within fifteen (15) days following the billing date of an Audit Adjustment Notice if the insured disputes the results of any such audit. Such Audit Dispute should specify the basis of any such dispute together with evidence in support of the Audit Dispute. Any Audit Dispute not accompanied by such evidence shall not be considered by Safehold. Safehold shall issue its final determination of the results of an Audit Adjustment and any corresponding Audit Dispute within thirty (30) days following the date of the Audit Dispute and shall provide the insured with a final invoice (the “Final Premium Notice”) for any premium adjustment due as a result of the Audit Adjustment. All Additional Premium for the audit shall be payable fifteen (15) days after the billing date of the Final Premium Notice. The producing retailer may return any final premium audit within thirty (30) days of the billing date as uncollectible as long as the producing retailer can provide evidence and documentation of collection efforts. Otherwise, the producing retailer shall be responsible for payment of any audit additional premium. No retailer commission shall be payable with respect to any uncollected audit premium.
Premium Audit a. We will compute all premiums for this Coverage Part in accordance with our rules and rates.
b. If this policy is auditable, the premium shown in this Coverage Part as advance premium is a deposit premium only. At the close of each audit period, we will compute the earned premium for that period and send notice to the first Named Insured. The due date for audit premium is the date shown as the due date on the bill. If the sum of the advance and audit premiums paid for the policy period is greater than the earned premium, we will return the excess to the first Named Insured.
c. The first Named Insured must keep records of the information we need for premium computation, and send us copies at such times as we may request.
Premium Audit. 9.1. The Insurer will compute all premiums for this Policy in accordance with the Insurer's rules and rates.
9.2. Premium shown in this Policy as advance premium is a deposit premium only. At the close of each audit period the Insurer will compute the earned premium for that period. Audit premiums are due and payable on notice to the first Named Insured. If the sum of the advance and audit premiums paid for the policy period is greater than the earned premium, the Insurer will return the excess to the first Named Insured subject to the retention of the minimum retained premium shown in the Declaration Page(s) of this Policy.
9.3. The first Named Insured must keep records of the information the Insurer needs for premium computation, and send the Insurer copies at such times as the Insurer may request.
Premium Audit. Premium audits will be performed to determine actual exposure incurred under the Policies. Such audits may result in adjustments to the Estimated Premium. An interim audit may be conducted by Insurer as of October 31, 2002. Insurer will provide Insured notice of the results of any such audit. The amount billed or refunded as a result of such audits will be limited to net deductible premiums and any regulatory assessments.
Premium Audit a. We will compute all premiums for this Policy in accordance with our rules and rates.
b. Premium shown in this Policy as advance premium is a deposit premium only. At the close of each audit period we will compute the earned premium for that period. Audit premiums are due and payable on notice to the first Named Insured. If the sum of the advance and audit premiums paid for the Policy period is greater than the earned premium, we will return the excess to the first Named Insured subject to the retention of the minimum retained premium shown in the Declaration Pages of this Policy.
c. The first Named Insured must keep records of the information we need for premium computation, and send us copies at such times as we may request.
Premium Audit. This clause is applicable only when premium audit adjustment terms are shown in the Declarations.
(a) We will compute all premiums for this policy in accordance with our rules and rates.
(b) Premium shown in this policy as advance premium is a deposit premium only. At the close of each audit period we will compute the earned premium for that period. Audit premiums are due and payable on notice to the first Named Insured. If the sum of the advance and audit premiums paid for the policy period is greater than the earned premium, we will return the excess to the first Named Insured subject to the retention of the minimum retained premium shown in the Declarations of this policy.
(c) The first Named Insured must keep records of the information we need for premium computation, and send us copies at such times as we may request. 10. Premiums
Premium Audit. We will compute all premiums for this Coverage Part in accordance with our rules and rates.
Premium Audit. 1. This Policy is subject to audit if a premium designated as an advance premium is shown in the Declarations. We will compute the final premium due when we determine your actual exposures.
2. Premium shown in this Policy as advance premium is a deposit premium only. At the close of each audit period, we will compute the earned premium for that period and send notice to the first Named Insured. The due date for audit premiums is the date shown as the due date on the bill. If the sum of the advance and audit premiums paid for the Policy period is greater than the earned premium, we will return the excess to the first Named Insured.
3. The first Named Insured must keep records of the information we need for premium computation and send us copies at such times as we may request. If any person or organization to or for whom we make payment under this policy has rights to recover damages from another, those rights are transferred to us to the extent of our payment. That person or organization must do everything necessary to secure our rights and must do nothing after loss to impair them. But you may waive your rights against another party in writing:
a. Prior to a loss to your Covered Property; or
b. After a loss to your Covered Property only if, at time of loss, that party is one of the following:
1) Someone insured by this insurance;
2) A business firm:
a) Owned or controlled by you; or
b) That owns or controls you; or
3) Your tenant. You may also accept the usual bills of lading or shipping receipts limiting the liability of carriers. This will not restrict your insurance.