Common use of Reporting Clause Clause in Contracts

Reporting Clause. (Applicable only if stated to be on a Reporting Basis on the Policy Cover Page and an adjustment rate is shown therein). The Insured shall render to the Insurer or its duly authorized agent within 6 months of the expiry of this policy a statement showing the true and correct amount of gross receipts (whether collected or not) of the preceding year’s business. The rate stated on the Policy Cover Page shall be applied to the gross receipts figure duly reported and the earned premium determined. If the earned premium so determined exceeds the provisional premium, then the Insured shall pay the Insurer forthwith the difference. If the earned premium is less than the provisional premium then the Insurer shall refund the difference forthwith to the Insured. Subject to a minimum retained premium of 50% of the provisional premium. The Insurer or its duly authorized representative shall be permitted at all reasonable times during the term of the Policy or within a year after termination or expiration to examine the Insured’s books, records and such policies as relate to any property insured hereunder. Such inspection or examinations shall not waive nor in any manner affect any of the terms or conditions of the Policy.

Reporting Clause. (Applicable only if stated to be on a Reporting Basis reporting basis on the Policy Cover Page “Declaration Page” and an adjustment rate is shown therein). ) The Insured shall render to the Insurer or its duly authorized agent representative within 6 months of the expiry of this policy a statement showing the true and correct amount of “gross receipts receipts” (whether collected or not) of the preceding year’s business. The rate stated on the Policy Cover Page “Declaration Page” shall be applied to the “gross receipts receipts” figure duly reported and the earned premium determined. If the earned premium so determined exceeds the provisional premium, then the Insured shall pay the Insurer forthwith the difference. If the earned premium is less than the provisional premium then the Insurer shall refund the difference forthwith to the Insured. Subject , subject to a minimum retained premium of 50% of the provisional premium. The Insurer or its duly authorized representative shall be permitted at all reasonable times during the term of the Policy policy or within a year after termination or expiration to examine the Insured’s books, records and such policies as relate to any property insured hereunder. Such inspection or examinations shall not waive nor in any manner affect any of the terms or conditions of the Policypolicy.

Reporting Clause. (Applicable only if stated to be on a Reporting Basis reporting basis on the Policy Cover Page “Declarations Page” and an adjustment rate is shown therein). The Insured ”You” shall render to the Insurer “us” or its our duly authorized agent representative within 6 months of the expiry of this policy Policy a statement showing the true and correct amount of “gross receipts receipts” (whether collected or not) of the preceding year’s business. The rate stated on the Policy Cover Page “Declarations Page” shall be applied to the “gross receipts receipts” figure duly reported and the earned premium determined. If the earned premium so determined exceeds the provisional premium, then the Insured “you” shall pay the Insurer forthwith “us” the difference. If the earned premium is less than the provisional premium then the Insurer “we” shall refund the difference forthwith to the Insured. Subject “you”, subject to a minimum retained premium of 50% of the provisional premium. The Insurer ”We”, or its “our” duly authorized representative shall be permitted at all reasonable times during the term of the Policy or within a year after termination or expiration to examine the Insured’s “your” books, records and such policies as relate to any property insured hereunder. Such inspection or examinations shall not waive nor in any manner affect any of the terms or conditions of the Policy.