Common use of Material inaccuracy Clause in Contracts

Material inaccuracy. 4.10.1 The information provided by or on behalf of the insured in connection with this insurance (whether at inception or otherwise) shall be materially accurate and not omit material information which is known by the insured’s board members or equivalent and/or the insured’s risk manager or ought to have been known by them following their reasonable enquiry. 4.10.2 Breach by fraud or dishonesty If the insured or anyone acting on its behalf breaches this condition (whether at inception or otherwise) by fraud or dishonest act or omission, the insurer may: a) avoid this policy from inception; or b) impose such terms, conditions and/or additional premium as the insurer may in its sole discretion determine; and any benefit which the insured has received under this policy which resulted from any such fraud or dishonest act or omission shall immediately be repaid to the insurer. 4.10.3 Breach by non-disclosure, misrepresentation (other than fraudulent or dishonest) If the insured or anyone acting on its behalf breaches this condition (other than by fraudulent or dishonest means), the insurer may: a) impose such terms and conditions (effective at inception or otherwise) as the insurer would have imposed in the absence of such breach; and/or b) charge such additional premium (effective at inception or otherwise) as the insurer would have required in the absence of the breach; and c) apply such applicable additional premium, amended terms and conditions or both to any notified claim or potential claim; and the insurer will promptly give the insured written notice of any applicable additional premium, amended terms and conditions or both. 4.10.4 Within fourteen (14) days of receipt of such notice, the insured will give the insurer written confirmation of: a) acceptance of and a promise to pay the applicable additional premium in accordance with the terms of trade applying to this insurance; or b) the insured’s acceptance of the amended terms and conditions; or c) both as applicable. 4.10.5 If the insurer can show to the insured’s reasonable satisfaction that the insurer would have declined to enter into this insurance at inception or to accept the proposed amendment to this insurance during the period of insurance on any terms, the insurer may avoid this policy from inception and, if no claims have been paid or accepted under this policy, the insurer shall promptly return to the insured all premiums received by the insurer at the date of breach; and, if the insurer has paid claim monies under this policy, the insured shall promptly repay all such claim monies to the insurer.

Material inaccuracy. 4.10.1 5.9.1 The information provided by or on behalf of the insured in connection with this insurance (whether at inception or otherwise) shall be materially accurate and not omit material information which is known by the insured’s board members or equivalent and/or the insured’s risk manager or ought to have been known by them following their reasonable enquiry. 4.10.2 5.9.2 Breach by fraud or dishonesty If the insured or anyone acting on its behalf breaches this any condition contained in the ‘Material inaccuracy’ paragraph above (whether at inception or otherwise) by fraud or a dishonest act or omission, the insurer QBE may: a) avoid this policy from inception; or b) impose such terms, conditions and/or additional premium as the insurer QBE may in its sole discretion determine; and any benefit which the insured has received under this policy which resulted from any such fraud or dishonest act or omission shall immediately be repaid to QBE. QBE will promptly give the insurerinsured written notice of any applicable additional premium, amended terms and conditions or both. 4.10.3 5.9.3 Breach by non-disclosure, misrepresentation (other than fraudulent or dishonest) ): If the insured or anyone acting on its behalf breaches this condition (other than by fraudulent or dishonest means), the insurer QBE may: a) avoid this policy from inception; and/or b) impose such terms and conditions (effective at inception or otherwise) as the insurer QBE would have imposed in the absence of such breach; and/or bc) charge such additional premium (effective at inception or otherwise) as the insurer QBE would have required in the absence of the breach; and cd) apply such applicable additional premium, amended terms and conditions or both to any notified claim or potential claim; and the insurer QBE will promptly give the insured written notice of any applicable additional premium, amended terms and conditions or both. 4.10.4 5.9.4 Within fourteen (14) days of receipt of such notice, the insured will give the insurer QBE written confirmation of: a) acceptance of and a promise to pay the applicable additional premium in accordance with the terms of trade applying to this insurance; or b) the insured’s acceptance of the amended terms and conditions; or c) both as applicable. 4.10.5 5.9.5 If the insurer QBE can show to the insured’s reasonable satisfaction demonstrate that the insurer QBE would have declined to enter into this insurance at inception or to accept the proposed amendment to this insurance during the period of insurance on any terms, the insurer QBE may avoid this policy from inception and, if no claims have been paid or accepted under this policy, the insurer QBE shall promptly return to the insured all premiums received by the insurer QBE at the date of breach; and, if the insurer QBE has paid claim claims monies under this policy, the insured shall promptly repay all such claim monies to the insurerQBE.

Material inaccuracy. 4.10.1 The information provided by or on behalf of the insured Insured in connection with this insurance (whether at inception or otherwise) shall must be materially accurate and not omit material information which is known by the insuredInsured’s board members or equivalent and/or the insuredInsured’s risk manager or ought to have been known by them following their reasonable enquiry. 4.10.2 . Breach by fraud or dishonesty If the insured Insured or anyone acting on its behalf breaches this condition (whether at inception or otherwise) by fraud or dishonest act or omission, the insurer Insurer may: (a) avoid this policy Policy from inception; or (b) impose such terms, conditions and/or additional premium as the insurer Insurer may in its sole discretion determine; and any benefit which the insured Insured has received under this policy Policy which resulted from any such fraud or dishonest act or omission shall must immediately be repaid to the insurer. 4.10.3 Insurer. Breach by non-disclosure, misrepresentation (other than fraudulent or dishonest) If the insured Insured or anyone acting on its behalf breaches this condition (other than by fraudulent or dishonest means), the insurer Insurer may: (a) impose such terms and conditions (effective at inception or otherwise) as the insurer Insurer would have imposed in the absence of such breach; and/or (b) charge such additional premium (effective at inception or otherwise) as the insurer Insurer would have required in the absence of the breach; and (c) apply such applicable additional premium, amended terms and conditions or both to any notified claim or potential claim; and the insurer will promptly give the insured written notice of any applicable additional premium, amended terms and conditions or both. 4.10.4 Within fourteen (14) days of receipt of such notice, the insured will give the insurer Insurer written confirmation of: (a) acceptance of and a promise to pay the applicable additional premium in accordance with the terms of trade applying to this insurance; or (b) the insuredInsured’s acceptance of the amended terms and conditions; or (c) both as applicable. 4.10.5 . If the insurer Insurer can show to the insuredInsured’s reasonable satisfaction that the insurer Insurer would have declined to enter into this insurance at inception or to accept the proposed amendment to this insurance during the period of insurance Policy Period on any terms, the insurer Insurer may avoid this policy Policy from inception and, if no claims have been paid or accepted under this policyPolicy, the insurer shall Insurer will promptly return to the insured Insured all premiums received by the insurer Insurer at the date of breach; and, if the insurer Insurer has paid claim claims monies under this policyPolicy, the insured shall Insured must promptly repay all such claim claims monies to the insurerInsurer.

Material inaccuracy. 4.10.1 7.5.1 The information provided by or on behalf of the insured in connection with this insurance (whether at inception or otherwise) shall be materially accurate and not omit material information which is known by the insured’s board members or equivalent and/or the insured’s risk manager or ought to have been known by them following their reasonable enquiry.the 4.10.2 7.5.2 Breach by fraud or dishonesty If the insured or anyone acting on its behalf breaches this condition (whether at inception or otherwise) by fraud or dishonest act or omission, the insurer may: a) avoid this policy from inception; or b) impose such terms, conditions and/or additional premium as the insurer may in its sole discretion determine; and any benefit which the insured has received under this policy which resulted from any such fraud or dishonest act or omission shall immediately be repaid to the insurer. 4.10.3 7.5.3 Breach by non-disclosure, misrepresentation (other than fraudulent or dishonest) If the insured or anyone acting on its behalf breaches this condition (other than by fraudulent or dishonest means), the insurer may: a) impose such terms and conditions (effective at inception or otherwise) as the insurer would have imposed in the absence of such breach; and/or b) charge such additional premium (effective at inception or otherwise) as the insurer would have required in the absence of the breach; and c) apply such applicable additional premium, amended terms and conditions or both to any notified claim or potential claim; and the insurer will promptly give the insured written notice of any applicable additional premium, amended terms and conditions or both. 4.10.4 7.5.4 Within fourteen (14) days of receipt of such notice, the insured will give the insurer written confirmation of: a) acceptance of and a promise to pay the applicable additional premium in accordance with the terms of trade applying to this insurance; or b) the insured’s acceptance of the amended terms and conditions; or c) both as applicable. 4.10.5 7.5.5 If the insurer can show to the insured’s reasonable satisfaction that the insurer would have declined to enter into this insurance at inception or to accept the proposed amendment to this insurance during the period of insurance on any terms, the insurer may avoid this policy from inception and, if no claims have been paid or accepted under this policy, the insurer shall promptly return to the insured all premiums received by the insurer at the date of breach; and, if the insurer has paid claim monies under this policy, the insured shall promptly repay all such claim monies to the insurer.

Material inaccuracy. 4.10.1 12.11.1 The information provided by or on behalf of the insured you in connection with this insurance (whether at inception or otherwise) shall be materially accurate and not omit material information which is known by the insured’s your board members or equivalent and/or the insured’s your risk manager or ought to have been known by them following their reasonable enquiry. 4.10.2 12.11.2 Breach by fraud or dishonesty If the insured you or anyone acting on its your behalf breaches this condition (whether at inception or otherwise) by fraud or dishonest act or omission, the insurer we may: a) avoid this policy from inception; or b) impose such terms, conditions and/or additional premium as the insurer we may in its our sole discretion determine; and any benefit which the insured has you have received under this policy which resulted from any such fraud or dishonest act or omission shall immediately be repaid to the insurerus. 4.10.3 12.11.3 Breach by non-disclosure, misrepresentation (other than fraudulent or dishonest) If the insured you or anyone acting on its your behalf breaches this condition (other than by fraudulent or dishonest means), the insurer we may: a) impose such terms and conditions (effective at inception or otherwise) as the insurer we would have imposed in the absence of such breach; and/or b) charge such additional premium (effective at inception or otherwise) as the insurer we would have required in the absence of the breach; and c) apply such applicable additional premium, amended terms and conditions or both to any notified claim or potential claim; and the insurer we will promptly give the insured you written notice of any applicable additional premium, amended terms and conditions or both. 4.10.4 12.11.4 Within fourteen (14) days of receipt of such notice, the insured you will give the insurer us written confirmation of: a) acceptance of and a promise to pay the applicable additional premium in accordance with the terms of trade applying to this insurance; or b) the insured’s your acceptance of the amended terms and conditions; or c) both as applicable. 4.10.5 12.11.5 If the insurer we can show to the insured’s your reasonable satisfaction that the insurer we would have declined to enter into this insurance at inception or to accept the proposed amendment to this insurance during the period of insurance on any terms, the insurer we may avoid this policy from inception and, if no claims have been paid or accepted under this policy, the insurer we shall promptly return to the insured you all premiums received by the insurer us at the date of breach; and, if the insurer has we have paid claim claims monies under this policy, the insured you shall promptly repay all such claim monies to the insurerus.

Material inaccuracy. 4.10.1 5.10.1 The information provided by or on behalf of the insured in connection with this insurance (whether at inception or otherwise) shall be materially accurate and not omit material information which is known by the insured’s board members or equivalent and/or the insured’s risk manager or ought to have been known by them following their reasonable enquiry. 4.10.2 5.10.2 Breach by fraud or dishonesty If the insured or anyone acting on its behalf breaches this condition (whether at inception or otherwise) by fraud or dishonest act or omission, the insurer may: a) avoid this policy from inception; or b) impose such terms, conditions and/or additional premium as the insurer may in its sole discretion determine; and any benefit which the insured has received under this policy which resulted from any such fraud or dishonest act or omission shall immediately be repaid to the insurer. 4.10.3 5.10.3 Breach by non-disclosure, misrepresentation (other than fraudulent or dishonest) If the insured or anyone acting on its behalf breaches this condition (other than by fraudulent or dishonest means), the insurer may: a) impose such terms and conditions (effective at inception or otherwise) as the insurer would have imposed in the absence of such breach; and/or b) charge such additional premium (effective at inception or otherwise) as the insurer would have required in the absence of the breach; and c) apply such applicable additional premium, amended terms and conditions or both to any notified claim or potential claim; and the insurer will promptly give the insured written notice of any applicable additional premium, amended terms and conditions or both. 4.10.4 5.10.4 Within fourteen (14) days of receipt of such notice, the insured will give the insurer written confirmation of: a) acceptance of and a promise to pay the applicable additional premium in accordance with the terms of trade applying to this insurance; or b) the insured’s acceptance of the amended terms and conditions; or c) both as applicable. 4.10.5 5.10.5 If the insurer can show to the insured’s reasonable satisfaction that the insurer would have declined to enter into this insurance at inception or to accept the proposed amendment to this insurance during the period of insurance on any terms, the insurer may avoid this policy from inception and, if no claims have been paid or accepted under this policy, the insurer shall promptly return to the insured all premiums received by the insurer at the date of breach; and, if the insurer has paid claim monies under this policy, the insured shall promptly repay all such claim monies to the insurer.