Common use of RETURN PREMIUMS Clause in Contracts

RETURN PREMIUMS. If this policy is cancelled, you will be entitled to a premium refund in accordance with the following provisions unless we have paid for a total loss or constructive total loss of the vessel insured under this policy, in which case no refund of premium will be due. In order to calculate the amount of any premium refund to which you may be entitled, we will first add back to the annual premium any advance discount that you were given for a lay-up period. If we cancel the policy, you will be entitled to a return premium in an amount equal to the product obtained by multiplying the stated premium for the policy year by a factor the numerator of which is the number of consecutive days elapsed from the first day of the policy year until the date as of which we cancel the policy and the denominator of which is 365; provided, however, that the return Part B: General Limitations And Exclusions

RETURN PREMIUMS. If this policy is cancelled, you will be entitled to a premium refund in accordance with the following provisions unless we have paid for a total loss or constructive total loss of the vessel insured under this policy, in which case no refund of premium will be due. In order to calculate the amount of any premium refund to which you may be entitled, we will first add back to the annual premium any advance discount that you were given for a lay-up period. If we cancel the policy, you will be entitled to a return premium in an amount equal to the product obtained by multiplying the stated premium for the policy year by a factor the numerator of which is the number of consecutive days elapsed from the first day of the policy year until the date as of which we cancel the policy and the denominator of which is 365; provided, however, that the return Part B: General Limitations And Exclusionselapsed