Common use of Payment of Premium Clause in Contracts

Payment of Premium. You will provide settlement with cleared funds of all monies due in time for us to make payment to insurers in accordance with the payment date(s) specified in our invoice or other relevant payment documentation (“Payment Date”). You must also pay any fees or charges applicable to your insurances. Where insurers have specified a premium payment warranty or condition in your policy, your insurers must receive the premium due from you by that date. You acknowledge that failure by you to pay by the Payment Date and/or comply with a premium payment warranty or condition may lead to insurers cancelling your policy. If you do not think that you will be able to meet the Payment Date and/or a premium payment warranty or condition, please contact us immediately. Client Money We are required to keep Client Money separate from our own money. We will normally do this by holding money in a client bank account. Any interest earned on Client Money will be retained by us. Currency Where we are able to deal in a currency other than the local currency, we are not responsible for any shortfalls in payments, including premium or claims payments arising from movements in foreign exchange rates. We may need to convert currency you have sent us into another currency for the purposes of carrying out your transaction. If we have converted but not paid such money to insurers or other third parties (and are not legally obliged to do so) and you request us to return such money to you, then you agree that we will return such money to you in the currency to which we have converted it and at the exchange rate at which we originally converted it. Should we agree to reconvert the currency for you, you will agree to accept the re-conversion at the market exchange rate prevailing at the time of re-conversion, less applicable bank charges.

Payment of Premium. You will provide settlement with cleared funds of all monies due in time for us to make payment to insurers in accordance with the payment date(s) specified in our invoice or other relevant payment documentation (“Payment Date”). You must also pay any fees or charges applicable to your insurances. Where insurers have specified a premium payment warranty or condition in your policy, your insurers must receive the premium due from you by that date. You acknowledge that failure by you to pay by the Payment Date and/or comply with a premium payment warranty or condition may lead to insurers cancelling your policy. If you do not think that you will be able to meet the Payment Date and/or a premium payment warranty or condition, please contact us immediately. Client Money We are required to keep Client Money separate from our own money. We will normally do this by holding money in a client bank account. Any interest earned on Client Money will be retained by us. Currency Where we are able to deal in a currency other than the local currency, we are not responsible for any shortfalls in payments, including premium or claims payments arising from movements in foreign exchange rates. We may need to convert currency you have sent us into another currency for the purposes of carrying out your transaction. If we have converted but not paid such money to insurers or other third parties (and are not legally obliged to do so) and you request us to return such money to you, then you agree that we will return such money to you in the currency to which we have converted it and at the exchange rate at which we originally converted it. Should we agree to reconvert the currency for you, you will agree to accept the re-conversion at the market exchange rate prevailing at the time of re-conversion, less applicable bank charges.. Your Liability for Tax MST is not a tax adviser and consequently makes no representation to you as to your liability or otherwise for tax on any sums that may be paid to you under a contract of insurance. Any information or calculations that MST provides about insurance, regulatory or tax issues are based on publicly available information and MST’s experience derived from involvement in similar matters for other clients. In all instances, MST recommends that you seek your own advice on such matters from professional legal and tax advisers. It is your obligation to make declarations in respect of, and to account to any relevant revenue authority for, all insurance proceeds. Our Remuneration Subject to any more specific term separately agreed in writing, our remuneration is based on brokerage which is payable out of premium paid by you and allowed by the insurer(s) with whom your cover is arranged. On occasion, we may be remunerated by both brokerage and a fee (“Engagement Fee”). Where we are to be remunerated by an Engagement Fee, this Agreement will still apply, but in addition we will agree with you the level of the Engagement Fee and any other matters such as the term of our engagement. You will be responsible to us for the payment of all such Engagement Fees. In this connection, MST may be paid separately by insurers a fee for risk management services related to your cover or be paid a fee for claims preparation or additional claim services. If the services we provide include the standard claims handling service on your behalf, as instructed by you (which ranges from the engagement of the insurer’s adjuster to the preparation and submission of claims documents unless both parties subsequently agree otherwise in writing), our remuneration for the claims handling services is included in our remuneration for brokerage services. Where the claim involves any loss amount exceeding US$1,000,000, you will agree to engage our Claims Solutions team with expertise and resources outside of the normal claims handling servicing team. In such circumstances you agree to take all reasonable steps to have MST’s fees for such work (up to the limit of such coverage) paid by the respective insurers, pursuant to the “Claims Preparation Costs” clause or any other clause in your insurance policy (if any) that allows indemnification of reasonable professional fees payable to claims preparers (including but not limited to fees of accountants, insurance brokers, business interruption specialists and valuers) and such other reasonable expenses necessarily incurred for the preparation, presentation and negotiation of claims and proving loss. We shall submit time sheets stating actual hours of work. Fees shall be charged per quarter of an hour. The applicable hourly rate is stated in the applicable MST’s table of fees. Any fees payable for the foregoing services shall not exceed the amount recoverable by you under the policy. Brokerage and/or Engagement Fees are fully earned when you instruct us to bind cover for your policy. There will be no return or cancellation of Engagement Fees and/or brokerage once you have instructed us to bind cover for your policy notwithstanding that the policy is later varied, terminated or otherwise cancelled and we are entitled to retain or recover from you all Engagement Fees and/or brokerage (or its equivalent) in respect of the full policy period. In the event that an insurance program is placed by MST for you, MST shall be compensated for its services through commissions from insurers based on a percentage of the premium paid (the "Commission"), subject to the following:

Payment of Premium. You will provide settlement with cleared funds of all monies due in time for us to make payment to insurers in accordance with the payment date(s) specified in our invoice or other relevant payment documentation (“Payment Date”). You must also pay any fees or charges applicable to your insurances. Where insurers have specified a premium payment warranty or condition in your policy, your insurers must receive the premium due from you by that date. You acknowledge that failure by you to pay by the Payment Date and/or comply with a premium payment warranty or condition may lead to insurers cancelling your policy. If you do not think that you will be able to meet the Payment Date and/or a premium payment warranty or condition, please contact us immediately. Client Money We are required to keep Client Money separate from our own money. We will normally do this by holding money in a client bank account. Any interest earned on Client Money will be retained by us. Currency Where we are able to deal in a currency other than the local currency, we are not responsible for any shortfalls in payments, including premium or claims payments arising from movements in foreign exchange rates. We may need to convert currency you have sent us into another currency for the purposes of carrying out your transaction. If we have converted but not paid such money to insurers or other third parties (and are not legally obliged to do so) and you request us to return such money to you, then you agree that we will return such money to you in the currency to which we have converted it and at the exchange rate at which we originally converted it. Should we agree to reconvert the currency for you, you will agree to accept the re-re- conversion at the market exchange rate prevailing at the time of re-conversion, less applicable bank charges.

Payment of Premium. You will provide settlement with cleared funds of all monies due in time for us to make payment to insurers in accordance with the payment date(s) specified in our invoice or other relevant payment documentation (“Payment Date”). You must also pay any fees taxes or charges applicable to your insurances. Where insurers have specified a premium payment warranty or condition in your policy, your insurers must receive the premium due from you by that date. You acknowledge that failure by you to pay by the Payment Date and/or comply with a premium payment warranty or condition may lead to insurers cancelling your policy. If you do not think that you will be able to meet the Payment Date and/or a premium payment warranty or condition, please contact us immediately. Client Money We are required to keep Client Money separate from our own money. We will normally do this by holding money in a client bank account. Any interest earned on Client Money will be retained by us. Currency Where we are able to deal in a currency other than the local currency, we are not responsible for any shortfalls shortfall in payments, including premium premiums or claims payments arising from movements in foreign exchange rates. We may need to convert currency you have sent us into another currency for the purposes of carrying out your transaction. If we have converted but not paid such money to insurers or other third parties (and are not legally obliged to do so) and you request us to return such money to you, then you agree that we will return such money to you in the currency to which we have converted it and at the exchange rate at which we originally converted it. Should we agree to reconvert the currency for you, you will agree to accept the re-conversion at the market exchange rate prevailing at the time of re-re- conversion, less applicable bank charges.

Payment of Premium. You will provide settlement with cleared funds of all monies due in time for us to make payment to insurers in accordance with the payment date(s) specified in our invoice or other relevant payment documentation (“Payment Date”). You must also pay any fees or charges applicable to your insurances. Where insurers have specified a premium payment warranty or condition in your policy, your insurers must receive the premium due from you by that date. You acknowledge that failure by you to pay by the Payment Date and/or comply with a premium payment warranty or condition may lead to insurers cancelling your policy. If you do not think that you will be able to meet the Payment Date and/or a premium payment warranty or condition, please contact us immediately. Client Money We are required to keep Client Money separate from our own money. We will normally do this by holding money in a client bank account. Any interest earned on Client Money will be retained by us. Currency Where we are able to deal in a currency other than the local currency, we are not responsible for any shortfalls in payments, including premium or claims payments arising from movements in foreign exchange rates. We may need to convert currency you have sent us into another currency for the purposes of carrying out your transaction. If we have converted but not paid such money to insurers or other third parties (and are not legally obliged to do so) and you request us to return such money to you, then you agree that we will return such money to you in the currency to which we have converted it and at the exchange rate at which we originally converted it. Should we agree to reconvert the currency for you, you will agree to accept the re-re- conversion at the market exchange rate prevailing at the time of re-conversion, less applicable bank charges.. Your Liability for Tax MST is not a tax adviser and consequently makes no representation to you as to your liability or otherwise for tax on any sums that may be paid to you under a contract of insurance. Any information or calculations that MST provides about insurance, regulatory or tax issues are based on publicly available information and MST’s experience derived from involvement in similar matters for other clients. In all instances, MST recommends that you seek your own advice on such matters from professional legal and tax advisers. It is your obligation to make declarations in respect of, and to account to any relevant revenue authority for, all insurance proceeds. Our Remuneration Subject to any more specific term separately agreed in writing, our remuneration is based on brokerage which is payable out of premium paid by you and allowed by the insurer(s) with whom your cover is arranged. On occasion, we may be remunerated by both brokerage and a fee (“Engagement Fee”). Where we are to be remunerated by an Engagement Fee, this Agreement will still apply, but in addition we will agree with you the level of the Engagement Fee and any other matters such as the term of our engagement. You will be responsible to us for the payment of all such Engagement Fees. In this connection, MST may be paid separately by insurers a fee for risk management services related to your cover or be paid a fee for claims preparation or additional claim services. If the services we provide include the standard claims handling service on your behalf, as instructed by you (which ranges from the engagement of the insurer’s adjuster to the preparation and submission of claims documents unless both parties subsequently agree otherwise in writing), our remuneration for the claims handling services is included in our remuneration for brokerage services. Where the claim involves any loss amount exceeding US$1,000,000, you will agree to engage our Claims Solutions team with expertise and resources outside of the normal claims handling servicing team. In such circumstances you agree to take all reasonable steps to have MST’s fees for such work (up to the limit of such coverage) paid by the respective insurers, pursuant to the “Claims Preparation Costs” clause or any other clause in your insurance policy (if any) that allows indemnification of reasonable professional fees payable to claims preparers (including but not limited to fees of accountants, insurance brokers, business interruption specialists and valuers) and such other reasonable expenses necessarily incurred for the preparation, presentation and negotiation of claims and proving loss. We shall submit time sheets stating actual hours of work. Fees shall be charged per quarter of an hour. The applicable hourly rate is stated in the applicable MST’s table of fees. Any fees payable for the foregoing services shall not exceed the amount recoverable by you under the policy. Brokerage and/or Engagement Fees are fully earned when you instruct us to bind cover for your policy. There will be no return or cancellation of Engagement Fees and/or brokerage once you have instructed us to bind cover for your policy notwithstanding that the policy is later varied, terminated or otherwise cancelled and we are entitled to retain or recover from you all Engagement Fees and/or brokerage (or its equivalent) in respect of the full policy period. In the event that an insurance program is placed by MST for you, MST shall be compensated for its services through commissions from insurers based on a percentage of the premium paid (the "Commission"), subject to the following:

Payment of Premium. You will provide settlement with cleared funds of all monies due in time for us to make payment to insurers in accordance with the payment date(s) specified in our invoice or other relevant payment documentation (“Payment Date”). You must also pay any fees or charges applicable to your insurances. Where insurers have specified a premium payment warranty or condition in your policy, your insurers must receive the premium due from you by that date. You acknowledge that failure by you to pay by the Payment Date and/or comply with a premium payment warranty or condition may lead to insurers cancelling your policy. If you do not think that you will be able to meet the Payment Date and/or a premium payment warranty or condition, please contact us immediately. Client Money We are required to keep Client Money separate from our own money. We will normally do this by holding money in a client bank account. Any interest earned on Client Money will be retained by us. Currency Where we are able to deal in a currency other than the local currency, we are not responsible for any shortfalls in payments, including premium or claims payments arising from movements in foreign exchange rates. We may need to convert currency you have sent us into another currency for the purposes of carrying out your transaction. If we have converted but not paid such money to insurers or other third parties (and are not legally obliged to do so) and you request us to return such money to you, then you agree that we will return such money to you in the currency to which we have converted it and at the exchange rate at which we originally converted it. Should we agree to reconvert the currency for you, you will agree to accept the re-conversion at the market exchange rate prevailing at the time of re-conversion, less applicable bank charges.. Your Liability for Tax Marsh is not a tax adviser and consequently makes no representation to you as to your liability or otherwise for tax on any sums that may be paid to you under a contract of insurance. Any information or calculations that Marsh provides about insurance, regulatory or tax issues are based on publicly available information and Xxxxx’x experience derived from involvement in similar matters for other clients. In all instances, Marsh recommends that you seek your own advice on such matters from professional legal and tax advisers. It is your obligation to make declarations in respect of, and to account to any relevant revenue authority for, all insurance proceeds. Our Remuneration Subject to any more specific term separately agreed in writing, our remuneration is based on brokerage which is payable out of premium paid by you and allowed by the insurer(s) with whom your cover is arranged. On occasion, we may be remunerated by both brokerage and a fee (“Engagement Fee”). Where we are to be remunerated by an Engagement Fee, this Agreement will still apply, but in addition we will agree with you the level of the Engagement Fee and any other matters such as the term of our engagement. You will be responsible to us for the payment of all such Engagement Fees. In this connection, Marsh may be paid separately by insurers a fee for risk management services related to your cover or be paid a fee for claims preparation or additional claim services. Brokerage and/or Engagement Fees are fully earned when you instruct us to bind cover for your policy. There will be no return or cancellation of Engagement Fees and/or brokerage once you have instructed us to bind cover for your policy notwithstanding that the policy is later varied, terminated or otherwise cancelled and we are entitled to retain or recover from you all Engagement Fees and/or brokerage (or its equivalent) in respect of the full policy period. In the event that an insurance program is placed by Marsh for you, Marsh shall be compensated for its services through commissions from insurers based on a percentage of the premium paid (the "Commission"), subject to the following:

Payment of Premium. You will provide settlement with cleared funds of all monies due in time for us to make payment to insurers in accordance with the payment date(s) specified in our invoice or other relevant payment documentation (“Payment Date”). You must also pay any fees taxes or charges applicable to your insurances. Where insurers have specified a premium payment warranty or condition in your policy, your insurers must receive the premium due from you by that date. You acknowledge that failure by you to pay by the Payment Date and/or comply with a premium payment warranty or condition may lead to insurers cancelling your policy. If you do not think that you will be able to meet the Payment Date and/or a premium payment warranty or condition, please contact us immediately. Client Money We are required to keep Client Money separate from our own money. We will normally do this by holding money in a client bank account. Any interest earned on Client Money will be retained by us. Currency Where we are able to deal in a currency other than the local currency, we are not responsible for any shortfalls shortfall in payments, including premium premiums or claims payments arising from movements in foreign exchange rates. We may need to convert currency you have sent us into another currency for the purposes of carrying out your transaction. If we have converted but not paid such money to insurers or other third parties (and are not legally obliged to do so) and you request us to return such money to you, then you agree that we will return such money to you in the currency to which we have converted it and at the exchange rate at which we originally converted it. Should we agree to reconvert the currency for you, you will agree to accept the re-conversion at the market exchange rate prevailing at the time of re-conversion, less applicable bank charges.. Your Liability for Tax Marsh is not a tax adviser and consequently makes no representation to you as to your liability or otherwise for tax on any sums that may be paid to you under a contract of insurance. Any information or calculations that Marsh provides about insurance, regulatory and tax issues are based on publicly available information and Xxxxx’x experience derived from involvement in similar matters for other clients. In all instances, Marsh recommends that you seek your own advice on such matters from professional legal and tax advisers. It is your obligation to make declarations in respect of, and to account to any relevant revenue authority for, all insurance proceeds. Our Remuneration Subject to any more specific term separately agreed in writing, our remuneration is based on brokerage which is payable out of premium paid by you and allowed by the insurer(s) with whom your cover is arranged. On occasions, we may be remunerated by both brokerage and a fee (“Engagement Fee”). Where we are to be remunerated by an Engagement Fee, this Agreement will still apply, but in addition we will agree with you the level of the Engagement Fee and any other matters such as the term of our engagement. You will be responsible to us for the payment of all such Engagement Fee. In this connection, Marsh may be paid separately by insurers a fee for risk management services related to your cover or be paid a fee for claims preparation or additional claim services. Brokerage and/or Engagement Fees are fully earned when you instruct us to bind cover for your policy. There will be no return or cancellation of Engagement Fees and/or brokerage once you have instructed us to bind cover for your policy notwithstanding that the policy is later varied, terminated or otherwise cancelled and we are entitled to retain or recover from you all Engagement Fees and/or brokerage (or its equivalent) in respect of the full policy period. In the event that an insurance program is placed by Marsh for you, Marsh shall be compensated for its services through commissions from insurers based on a percentage of the premium paid (the "Commission"), subject to the following:

Payment of Premium. You will provide settlement with cleared funds of all monies due in time for us to make payment to insurers in accordance with the payment date(s) specified in our invoice or other relevant payment documentation (“Payment Date”). You must also pay any fees taxes or charges applicable to your insurances. Where insurers have specified a premium payment warranty or condition in your policy, your insurers must receive the premium due from you by that date. You acknowledge that failure by you to pay by the Payment Date and/or comply with a premium payment warranty or condition may lead to insurers cancelling your policy. If you do not think that you will be able to meet the Payment Date and/or a premium payment warranty or condition, please contact us immediately. Client Money We are required to keep Client Money separate from our own money. We will normally do this by holding money in a client bank account. Any interest earned on Client Money will be retained by us. Currency Where we are able to deal in a currency other than the local currency, we are not responsible for any shortfalls shortfall in payments, including premium premiums or claims payments arising from movements in foreign exchange rates. We may need to convert currency you have sent us into another currency for the purposes of carrying out your transaction. If we have converted but not paid such money to insurers or other third parties (and are not legally obliged to do so) and you request us to return such money to you, then you agree that we will return such money to you in the currency to which we have converted it and at the exchange rate at which we originally converted it. Should we agree to reconvert the currency for you, you will agree to accept the re-conversion at the market exchange rate prevailing at the time of re-conversion, less applicable bank charges.. Your Liability for Tax Marsh is not a tax adviser and consequently makes no representation to you as to your liability or otherwise for tax on any sums that may be paid to you under a contract of insurance. Any information or calculations that Marsh provides about insurance, regulatory and tax issues are based on publicly available information and Marsh’s experience derived from involvement in similar matters for other clients. In all instances, Marsh recommends that you seek your own advice on such matters from professional legal and tax advisers. It is your obligation to make declarations in respect of, and to account to any relevant revenue authority for, all insurance proceeds. Our Remuneration Subject to any more specific term separately agreed in writing, our remuneration is based on brokerage which is payable out of premium paid by you and allowed by the insurer(s) with whom your cover is arranged. On occasions, we may be remunerated by both brokerage and a fee (“Engagement Fee”). Where we are to be remunerated by an Engagement Fee, this Agreement will still apply, but in addition we will agree with you the level of the Engagement Fee and any other matters such as the term of our engagement. You will be responsible to us for the payment of all such Engagement Fees. For avoidance of doubt, under no circumstances shall Marsh be entitled to compensation by means of both Commission and the full Engagement Fee, subject to the following:

Payment of Premium. You will provide settlement with cleared funds of all monies due in time for us to make payment to insurers in accordance with the payment date(s) specified in our invoice or other relevant payment documentation (“Payment Date”). You must also pay any fees or charges applicable to your insurances. Where insurers have specified a premium payment warranty or condition in your policy, your insurers must receive the premium due from you by that date. You acknowledge that failure by you to pay by the Payment Date and/or comply with a premium payment warranty or condition may lead to insurers cancelling your policy. If you do not think that you will be able to meet the Payment Date and/or a premium payment warranty or condition, please contact us immediately. Client Money We are required to keep Client Money separate from our own money. We will normally do this by holding money in a client bank account. Any interest earned on Client Money will be retained by us. Currency Where we are able to deal in a currency other than the local currency, we are not responsible for any shortfalls in payments, including premium or claims payments arising from movements in foreign exchange rates. We may need to convert currency you have sent us into another currency for the purposes of carrying out your transaction. If we have converted but not paid such money to insurers or other third parties (and are not legally obliged to do so) and you request us to return such money to you, then you agree that we will return such money to you in the currency to which we have converted it and at the exchange rate at which we originally converted it. Should we agree to reconvert the currency for you, you will agree to accept the re-conversion at the market exchange rate prevailing at the time of re-conversion, less applicable bank charges.. Your Liability for Tax Marsh is not a tax adviser and consequently makes no representation to you as to your liability or otherwise for tax on any sums that may be paid to you under a contract of insurance. Any information or calculations that Marsh provides about insurance, regulatory or tax issues are based on publicly available information and Xxxxx’x experience derived from involvement in similar matters for other clients. In all instances, Marsh recommends that you seek your own advice on such matters from professional legal and tax advisers. It is your obligation to make declarations in respect of, and to account to any relevant revenue authority for, all insurance proceeds. Our Remuneration Subject to any more specific term separately agreed in writing, our remuneration is based on brokerage which is payable out of premium paid by you and allowed by the insurer(s) with whom your cover is arranged. On occasion, we may be remunerated by both brokerage and a fee (“Engagement Fee”). Where we are to be remunerated by an Engagement Fee, this Agreement will still apply, but in addition we will agree with you the level of the Engagement Fee and any other matters such as the term of our engagement. You will be responsible to us for the payment of all such Engagement Fees. In this connection, Marsh may be paid separately by insurers a fee for risk management services related to your cover or be paid a fee for claims preparation or additional claim services. Brokerage and/or Engagement Fees are fully earned when you instruct us to bind cover for your policy. There will be no return or cancellation of Engagement Fees and/or brokerage once you have instructed us to bind cover for your policy notwithstanding that the policy is later varied, terminated or otherwi se cancelled and we are entitled to retain or recover from you all Engagement Fees and/or brokerage (or its equivalent) in respect of the full policy period. In the event that an insurance program is placed by Marsh for you, Marsh shall be compensated for its services through commissions from insurers based on a percentage of the premium paid (the "Commission"), subject to the following: