CHANGE IN RISK Clause Samples
The 'Change in Risk' clause defines how adjustments to the level or nature of risk are managed within a contract. It typically outlines procedures for notifying the other party if there is a significant change in risk, such as increased exposure to liability or new hazards arising during the contract term. This clause ensures that both parties remain informed and can renegotiate terms, adjust coverage, or take other actions to address the altered risk, thereby maintaining fairness and protecting against unforeseen liabilities.
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CHANGE IN RISK. The named insured shall give notice of any change in operations at an insured premises, which materially increases the risk covered under this policy. Until the insurer has agreed in writing to accept liability for such change in risk, such agreement not to be unreasonably withheld, no coverage shall be provided under the policy for any pollution condition, claim or business interruption due altogether or in part to any such change in risk.
CHANGE IN RISK. The Insured shall within fourteen (14) days give notice to the Company and shall pay such additional premium, if at any time or from time to time, any change in risk shall occur materially varying any of the facts existing at the date of the proposal. Else, the Company has a right to terminate this Policy or this Policy shall cease to be in forced.
CHANGE IN RISK. Unless otherwise expressly stated nothing contained herein shall give any rights against the Company to any person other than the Insured. Further, the Company shall not be bound by any passing of the interest of the Insured otherwise than by death or operation of law unless and until the Company shall by endorsement hereon declare the insurance to be continued.
CHANGE IN RISK. 6.1 The premium rates and conditions apply to the activities of the insured (parties) within the scope of the capacity described in the policy schedule.
6.2 If said activities change considerably, Chubb is authorised to propose an adjustment of premium rates and/or conditions.
6.3 The policyholder is obliged to notify Chubb of such a change within a reasonable period; nevertheless, cover will remain in full force and effect.
6.4 If said change constitutes such an increase of risk that Chubb does not wish to continue this insurance or only wishes to continue this insurance against adjusted premium rates and/or conditions, Chubb will advise the policyholder accordingly within thirty (30) days after receipt of the notification referred to in article 6.3, on the understanding that:
6.4.1 If the premium rates and/or conditions are adjusted, the policyholder has the right to refuse said adjustment during a period of thirty (30) days after notification thereof. In that case, cover for the changed activities expires as of the day on which Chubb received the notification of said refusal.
6.4.2 If Chubb informs the policyholder that they do not wish to cover the changed activities under the insurance, the policyholder has the right to cancel the insurance during a period of thirty (30) days after notification thereof. In that case the insurance expires as of the day on which Chubb received the notification thereof.
6.5 In the event of a failure to notify Chubb as referred to in article 6.3, Chubb is only liable to provide indemnity for such loss or damage which would also have been for the account of Chubb had the activities of the insured (parties) within the scope of the capacity described in the policy not been changed.
CHANGE IN RISK. 7.1 The premium rates and conditions shall apply to the activities of the insured (parties) within the scope of the capacity described in the policy.
7.2 If said activities change considerably, the insurers shall be authorised to put forward an adjustment of premium rates and/or conditions.
7.3 The policyholder shall be obliged to notify the insurers of such change within a reasonable period; nevertheless, cover shall remain in full force and effect.
7.4 If said change constitutes such an increase of risk that the insures do not wish to continue this insurance or only wish to continue this insurance against adjusted premium rates and/or conditions, the insurers shall advise the policyholder thereof within thirty (30) days after receipt of the notification referred to in article 7.3, on the understanding that:
7.4.1 If the premium rates and/or conditions are adjusted, the policyholder shall have the right to refuse said adjustment during a period of thirty (30) days after notification thereof. In that case cover for the changed activities shall expire as of the day on which the insurers received the notification of said refusal.
7.4.2 If the insurers inform the policyholder that they do not wish to cover the changed activities under the insurance, the policyholder shall have the right to cancel the insurance during a period of thirty (30) days after notification thereof. In that case the insurance shall expire as of the day on which the insurers received the notification thereof.
7.5 In the event of a failure to notify the insurers as referred to in article 7.3, the insurers shall only be liable to provide indemnity for such loss or damage which would also have been for the account of the insurers had the activities of the insured (parties) within the scope of the capacity described in the policy not been changed.
CHANGE IN RISK. The Insured shall be under a continuing duty, during the Period of Insurance, to notify the Insurers as soon as reasonably practicable of any changes which increase the risks which have been presented to the Insurers. Such changes shall be subject to agreement by Insurers and may require an additional premium to be charged. There shall be no coverage for any claims resulting from any changed element of the risk unless the changed element of the risk has been notified to and agreed by Insurers.
CHANGE IN RISK. You shall give immediate notice in writing to Us of any material change in Your occupation, business, duties or pursuits and pay any additional premium that may be required by Us.
CHANGE IN RISK. The Participant shall give immediate notice in writing to the Takaful Operator of any material change in his or her occupation, business, duties or pursuits and pay any additional Contribution that may be required by the Takaful Operator.
CHANGE IN RISK. If any time or from time to time any change shall occur materially varying any of the facts existing at the date of the proposal the Insured shall within seven (7) days give notice to the Company and shall pay such additional premium as the Company may require.
CHANGE IN RISK. 6.4.1 Immediate written notice must be given to Us at any of Our offices of any changes in the Life Assured’s occupation. Upon receipt of such notice, We may at Our discretion alter the terms, conditions, Premiums, and benefits of this Policy accordingly.
6.4.2 We shall be under no liability to pay any benefit under this Policy if the Life Assured without any prior notice to Us, engaged or was employed in any occupation, business or pursuits which in the opinion of Us (whose decision shall be final) is more hazardous or involves greater risk to life or health than the occupation, business or pursuits specified to Us earlier.