Premium Payment Terms Clause Samples
The Premium Payment Terms clause defines the timing, method, and conditions under which premium payments must be made by the policyholder to the insurer. It typically specifies due dates, acceptable forms of payment, and any grace periods allowed for late payments. For example, it may require monthly payments via bank transfer and provide a 30-day grace period before coverage lapses. This clause ensures both parties are clear on payment expectations, reducing the risk of disputes and helping maintain continuous insurance coverage.
Premium Payment Terms. We will notify you of premiums due to insurers by sending you a cover/debit note or invoice once we have finished arranging your insurance. This will normally be sent to you within fourteen days from the start of cover. Premiums are due from the moment the insurance comes into force. So that we can settle your premium to insurers promptly, we ask that you pay the premiums due within the terms specified on the cover/debit note or covering letter - this will normally be immediately. You are responsible for paying promptly, all of our invoices, premiums, duties, fees etc., to enable us to make the necessary payments to insurers in respect of your insurances. For the avoidance of doubt, we have no obligation to fund any premiums, duties, fees etc. on your behalf, and have no responsibility for any loss that you may suffer as a result of your insurers cancelling the policy, or taking any other prejudicial steps as a result of a late payment of such premiums, duties, fees etc. if such delay is substantially attributable to you. If your policy, or the terms offered to you, contains a premium payment warranty/condition you should pay particular attention to its terms as failure to comply will mean an automatic right to void the policy by the insurer if payment has not been made in accordance with the terms of the warranty/condition. You may be able to spread your payments through an insurers' instalment scheme, a credit scheme with a third party finance provider, or a facility we have arranged ourselves. We will give you full information about your payment options when we discuss your insurance in detail. In order to be able to offer you credit facilities we have the required permissions from the FCA.
Premium Payment Terms. Premium payable to Insurers within 30 days from inception date subject to Premium Payment Clause LSW3000 (30 days) in the following breakdown: January 31, 2023 Amount Due: $10,000.00 USD $100.00 USD
Premium Payment Terms. It is a condition of this contract of insurance that the premium due at inception must be paid to and received by Insurers on or before 23:59 hours Greenwich Mean Time on the 15 December 2009. If this condition is not complied with, then this contract of insurance shall terminate on the above date with the Insured hereby agreeing to pay premium calculated at not less than pro rata temporis Where the premium is to be paid through a London Market Bureau, payment to Insurers will be deemed to occur on the day of delivery of a premium advice note to the Bureau or the date premium is released to Insurers via the de-linking system. Where settlement is be to made to non bureau companies payment will be deemed to be the date ▇▇▇▇▇ & Partners Limited instruct their bankers to make the appropriate settlement FEES PAYABLE RESULTANT FROM CONDITIONS / WARRANTIES/ SUBJECTIVITIES: None TAX(ES) PAYABLE BY THE INSURED AND ADMINISTERED BY INSURER(S): None RECORDING, TRANSMITTING & STORING INFORMATION: Where ▇▇▇▇▇ & Partners Limited maintains risk and claim data / information / documents ▇▇▇▇▇ & Partners Limited may hold data / information / documents electronically. Internal Use Only hf2/sdr/21 September 2009/PL0901791 KH4
Premium Payment Terms