Common use of PREMIUM WARRANTY Clause in Contracts

PREMIUM WARRANTY. It is a fundamental and absolute special condition of this contract of insurance that the premium due must be paid and received by the Company within sixty (60) days from the inception date of this policy/endorsement/renewal certificate. If this condition is not complied with then this contract is automatically cancelled and the Company shall be entitled to the pro- rata premium for the period they have been on risk. Where the premium payable pursuant to this warranty is received by an authorised agent of the Company the payment shall be deemed to be received by the Company for the purposes of this warranty and the onus of proving that the premium payable was received by a person including an insurance agent who was not authorised to receive such premium shall lie on the Company.

PREMIUM WARRANTY. It is a fundamental and absolute special condition Special Condition of this contract of insurance that the premium due must be paid and received by the Company within sixty (60) days from the inception date of this policyPolicy/endorsementEndorsement/renewal certificateRenewal Certificate. If this condition is not complied with then this contract is automatically cancelled and the Company shall be entitled to the pro- rata premium for the period they have been on risk. Where the premium payable pursuant to this warranty Warranty is received by an authorised authorized agent of the Company Company, the payment shall be deemed to be received by the Company for the purposes of this warranty and the onus of proving that the premium payable was received by a person person, including an insurance agent agent, who was not authorised authorized to receive such premium shall lie on the Company.