Long Term Agreement Insurance Wording

26. September 2021

From my perspective, long-term contracts benefit insurers and brokers much more than they do clients. So, as an industry, we abandon our customers? While I would advise against rewarding your insurance every year — this stifles competition and interest in the market — I strongly advise you to protect your freedom of movement. Your broker should be sure that he can play year after year, not just every 3 years. This Directive shall apply for a period of three years. The premium is due and payable at the beginning of each insurance year. The insured can choose not to pay a premium for a subsequent year by declaring the business at any time before the anniversary of the insurance. The annual premium is 15% lower than the premium to be paid at the company`s current rates for this year. In the event that the insured of the above option excludes not paying the premium for a subsequent year, the policy expires at the end of the year for which the premium was paid. In this case, the company charges the insured the 15% discount granted in previous years and this invoice is a legally enforceable debt.

By accepting the policy to which this confirmation is attached, the insured accepts the aforementioned conditions. The ability to change within a set period of 12 months is an undeniable advantage in the negotiation of premiums, rights, coverage and service. MR 313 – Cover for internal fire, internal chemical explosion and direct flash. . . .