Laserfiche WebLink
C. Method Of Sharing <br /> If all of the other insurance permits contribution by equal shares, we will follow this method also. <br /> Under this approach each insurer contributes equal amounts until it has paid its applicable limit of <br /> insurance or none of the loss remains, whichever comes first. <br /> If any of the other insurance does not permit contribution by equal shares, we will contribute by <br /> limits. Under this method, each insurer's share is based on the ratio of its applicable limit of <br /> insurance to the total applicable limits of insurance of all insurers. <br /> 9. Premium and Audit <br /> a. We will compute all premiums for this policy in accordance with our rules and rates. <br /> b. Premium shown on the Declarations is a minimum and deposit premium for the policy period. It <br /> is payable in full at the inception of this policy. <br /> C. If a rate is shown on the Declarations then the final premium shall be subject to audit. At the close <br /> of each audit period we will compute the policy premium for that period and send notice to the <br /> Named Insured. The due date for audit is the date shown as the due date on the bill. Failure to <br /> pay the audit premium due may subject this policy, or any in-force policy of yours, to cancellation <br /> for non-payment of premium. <br /> (1) If the policy premium computed as a result of an audit is less than the total policy <br /> premium shown on the Declarations, the total policy premium shown on the Declarations <br /> is the minimum premium for the policy period and is not subject to adjustment. <br /> (2) If the policy premium computed as a result of an audit is greater than the total policy <br /> premium shown on the Declarations, then a Premium Audit Statement will be sent to the <br /> Named Insured. The additional premium amount shown on the Premium Audit <br /> Statement is due and payable to us upon receipt by the Named Insured. <br /> d. The Named Insured must keep records of the information we need for premium computation and <br /> send us copies upon request. <br /> e. We may examine and audit your books and records as they relate to this policy at any time during <br /> the policy period and up to three years afterward. <br /> 10. Representation and Incorporation of the Application <br /> The insured represents that the particulars and statements contained in the application, questionnaire <br /> and any other materials submitted to us are true, accurate and complete and agree that: <br /> a. This policy is issued and continued in force by us in reliance upon the truth of such <br /> representations; <br /> b. Those particulars and statements are based upon the representations you made to us; and <br /> C. Application, questionnaire and any other materials submitted to us are incorporated in and form a <br /> part of this policy. <br /> In the event of any material untruth, misrepresentation or omission in connection with any of the <br /> particulars or statements in the application, this policy shall be void. <br /> 11. Separation of Insured% <br /> Except with respect to the limits of insurance, and any rights or duties specifically assigned in this policy <br /> to the Named Insured, this insurance applies: <br /> a. As if each Named Insured were the only Named Insured; and <br /> 30 of 43 Includes copyrighted material of Insurance Services Office, Inc. OBENV GL 101 (10 12) <br /> Copyright 2012, Intact Insurance Group USA LLC <br />