9. 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 will remain 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.

10. 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.

11. Seventy-two hours clause

The terms “Occurrence” wherever used herein, shall mean an event or a continuous exposure to conditions, which cause sudden and accidental physical loss or physical damage as covered under this Section of the Policy. All physical loss or physical damage resulting from a common cause or from exposure to substantially the same conditions shall be deemed to result from one Occurrence.

1. EARTHQUAKE SHOCK

As respects the peril of earthquake, the term “Occurrence” shall mean the sum total of all losses sustained by the Insured during any period of seventy-two (72) hours commencing during the term if this Policy;

ii) FLOOD

As respects the peril of flood, the term “Occurrence” shall mean the sum total of all losses sustained by the Insured during any period of seventy-two (72) hours commencing during the term if this Policy;

iii) WINDSTORM

As respects the peril of windstorm, the term “Occurrence” shall mean the sum total of all losses sustained by the Insured arising out of the same atmospheric disturbance during any period of seventy-two (72) hours commencing during the term if this Policy;

iv) STRIKES, RIOTS, CIVIL COMMOTION

As respects the perils of riot, riot attending a strike and civil commotion, the term “Occurrence” shall mean the sum total of all losses sustained by the Insured which occur during any period of seventy-two (72) hours commencing during the term if this Policy;

Should any “Occurrence” referred to above extend beyond the expiration date of this Policy and commence prior to the expiration, the Insurers shall pay all losses occurring during such period as if such period fell entirely within the term of the Policy.

The Insurers shall not be liable, however, for any loss caused by any “Occurrence” commencing before the effective date and time or after the expiration date and time of this Policy.

1. The term “earthquake shock”, wherever it is used in this Policy shall mean earthquake, volcanic eruption, shock, tremor, landslide, subsidence, sinkhole collapse, tsunami, mudflow or rock fall or any other earth movement, and shall not include any ensuing loss, damage or destruction resulting from other perils insured;

2. The “flood”, wherever it is used in the Policy, shall mean waves, tide or tidal water or the rising (including the overflowing or breaking of boundaries) of lakes, ponds, reservoirs, rivers, harbors, streams, water channels or other bodies of water, whether or not driven by wind.

3. The term “windstorm”, wherever it is used in this Policy, shall mean all tornadoes, cyclones, hurricanes or similar storms and systems of winds of violent and destructive nature.