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PREMIUM PAYMENT CLAUSE

The Assured undertakes that premium will be paid in full to Insurers within 75 days of inception of this policy (or, in respect of instalment premiums, when due).

If the premium due under this policy has not been so paid to Insurers by the 75th day from the inception of this policy (and, in respect of instalment premiums, by the date they are due) Insurers shall have the right to cancel this policy by notifying the Insured via the broker in writ­ing. In the event of cancellation, premium is due to Insurers on a pro rata basis for the period that Insurers are on risk but the full policy premium shall be payable to Insurers in the event of a loss or occurrence prior to the date of termination which gives rise to a valid claim under this policy.

It is agreed that Insurers shall give not less than 15 days prior notice of cancellation to the Insured via the broker. If premium due is paid in full to Insurers before the notice period expires, notice of cancellation shall automatically be revoked. If not, the policy shall automatically terminate at the end of the notice period.

Unless otherwise agreed, the Leading Insurer, (and Agreement Parties if appropriate) are authorized to exercise rights under this clause on their own behalf and on behalf of all Insurers participating in this contract.

If any provision of this clause is found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, such invalidity or unenforceability will not affect the other provisions of this clause, which willremain in full force and effect.

Where the premium is to be paid through a London Market Bureau, payment to Insurers will be deemed to occur on the day of delivery of a premium advice note to the Bureau.

ERRORS OR OMISSIONS

Coverage provided by this Policy shall not be preju­diced by any unintentional and/or inadvertent:

A. incorrect description; and/or

B. error in the name or title of the Assured.

However, nothing contained within this clause shall operate to override any warranty and/or specific discovery/ reporting provisions contained elsewhere in this Policy.

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