Responsibility for Premium Sample Clauses

The "Responsibility for Premium" clause defines which party is obligated to pay the insurance premium under the contract. Typically, this clause specifies whether the insured, the policyholder, or another designated party must ensure timely payment of all required premiums to maintain coverage. For example, in a group insurance policy, the employer may be responsible for paying premiums on behalf of employees. The core function of this clause is to clearly allocate financial responsibility for premium payments, thereby preventing disputes and ensuring continuous insurance coverage.
Responsibility for Premium. 11.1 HOME & LEGACY has consent from the Insurer(s) to extend Risk Transfer to the Agent and (if applicable) to the Agent’s Sub-Agent(s). Risk Transfer will be in place once the Customer has paid the Premium to the Agent (or the Agent’s Sub- Agent(s)).The Insurer(s) have agreed that the Agent (or their Sub-Agent(s)) must either: 11.1.1 Open and operate a segregated bank account with an approved bank (as defined by the FCA) for the banking of all of its Premium (and refund of Premium) monies, including such insurance monies that relate to other insurers that may have agreed to Risk Transfer. Such bank account shall be held on trust for Insurer(s) and designated as an “insurance broking trust account” or “insurance bank trust account” or in such other manner to distinguish the account from the Agent’s general funds; or 11.1.2 Co-mingle monies relating to this Agreement with Client Money (maintained in a statutory or non- statutory trust client money bank account) as permitted under the FCA Client Money rules (set out in CASS 5). 11.2 The Insurer(s) have consented to the co-mingling of monies collected under the agreement of Risk Transfer, with Client Money (statutory or non-statutory trust client money bank accounts) and have agreed that such monies will be subordinated to the prior claims of Customers whose money is subject to such trusts. 11.3 The Agent is, subject to the agreement of the Customer, entitled to any interest or investment income earned on the monies referred to above. 11.4 The Agent will be responsible for the payment of Premium to HOME & LEGACY in accordance with the provisions of this Agreement. 11.5 The Agent shall inform HOME & LEGACY within thirty (30) calendar days of the commencement or renewal of a Policy or following a mid-term change to an existing Policy if it fails to obtain any part of the Premium from a Policyholder. If the Agent fails to properly notify HOME & LEGACY the Agent shall be responsible for the payment of the Premium irrespective of receipt of payment from the Policyholder or any Sub-Agent.
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Responsibility for Premium. 8.1 The Intermediary shall be responsible for the collection and payment of all premiums which may be outstanding at any time relating to instructions given to the Company to incept or amend insurance on behalf of a Customer. 8.2 In the event a premium has not been paid to the Company within the Company's terms of credit the Company reserves the right to cancel the cover and notify the Customer directly of the cancellation. 8.3 In the event of cancellation the Intermediary shall remain responsible for payment of any outstanding premium. The Company shall return premiums rebated to it from Insurers in accordance with the policy conditions less any commission to which it is entitled. 8.4 Credit terms will mirror the terms you have directly with Aviva.
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Related to Responsibility for Premium

  • Responsibility for Charges 4.1 FTCS shall be responsible for and pay to Verizon all charges for any Telecommunications Services provided by Verizon or provided by persons other than Verizon and billed for by Verizon, that are ordered, activated or used by FTCS, FTCS Customers or any other persons, through, by means of, or in association with, Telecommunications Services provided by Verizon to FTCS pursuant to this Resale Attachment. 4.2 Upon request by FTCS, Verizon will provide for use on resold Verizon retail Telecommunications Service dial tone lines purchased by FTCS such Verizon retail Telecommunications Service call blocking and call screening services as Verizon provides to its own end user retail Customers, where and to the extent Verizon provides such Verizon retail Telecommunications Service call blocking services to Verizon’s own end user retail Customers. FTCS understands and agrees that certain of Verizon’s call blocking and call screening services are not guaranteed to block or screen all calls and that notwithstanding FTCS’s purchase of such blocking or screening services, FTCS’s end user Customers or other persons ordering, activating or using Telecommunications Services on the resold dial tone lines may complete or accept calls which FTCS intended to block. Notwithstanding the foregoing, FTCS shall be responsible for and shall pay Verizon all charges for Telecommunications Services provided by Verizon or provided by persons other than Verizon and billed for by Verizon in accordance with the terms of Section 4.1 above.

  • Responsibility for Payment The Company shall not be responsible for the payment of time used by an employee in the investigation and settlement of a grievance.

  • Responsibility for Use (a) The Company alone will be responsible for furnishing, or arranging for a third party to furnish, all data and information required by the Documentation and the specifications therein for the Licensed System to function and perform in accordance with the Documentation, other than the data and information residing in the Licensed System in connection with BNYM’s performance of the Core Services. BNYM shall have no liability or responsibility for any Loss caused in whole or in part by the Company’s or a Permitted User’s exercise of the Licensed Rights or use of the Licensed System or by data or information of any nature inputted into the Licensed System by or under the direction or authorization of Company or a Permitted User; provided, however, this Section 2.5 shall not relieve BNYM of its obligation to act in accordance with its obligations under the Main Agreement. Company shall be responsible and solely liable for the cost or expense of regenerating any output or other remedial action if the Company, a Permitted User or an agent of either shall have failed to transmit properly and in the correct format any data or information, shall have transmitted erroneous or incorrect information or data, or shall have failed to timely verify or reconcile any such data or information when it is generated by the Licensed System (“Data Faults”).

  • Responsibility for Taxes Regardless of any action taken by the Company or Optionee’s employer (the “Employer”) with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), Optionee acknowledges that the ultimate liability for all Tax-Related Items is and remains Optionee’s responsibility and that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option grant, including the grant, vesting or exercise of the Option, the subsequent sale of shares acquired pursuant to such exercise and the receipt of any dividends; and (ii) do not commit to structure the terms of the grant or any aspect of the Option to reduce or eliminate Optionee’s liability for Tax-Related Items. Without limiting the foregoing, the Company specifically disclaims any representation or guarantee that this Option will qualify as an Incentive Stock Option under Section 422 of the Internal Revenue Code, or if the Option initially so qualifies, that it will continue to qualify. Optionee should consult his or her own tax advisor regarding the status of and tax treatment for this Option. Prior to exercise of the Option, Optionee shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all withholding and payment on account obligations of the Company and/or the Employer. In this regard, Optionee authorizes the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable by Optionee from Optionee’s wages or other cash compensation paid to Optionee by the Company and/or the Employer or from proceeds of the sale of the shares. Alternatively, or in addition, if permissible under local law, the Company may (i) sell or arrange for the sale of shares that Optionee acquires to meet the withholding obligation for Tax-Related Items, and/or (ii) withhold in shares, provided that the Company only withholds the amount of shares necessary to satisfy the minimum withholding amount. Finally, Optionee shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of Optionee’s participation in the Plan or Optionee’s purchase of shares that cannot be satisfied by the means previously described. The Company may refuse to honor the exercise and refuse to deliver the shares if Optionee fails to comply with his or her obligations in connection with the Tax-Related Items as described in this section.

  • Responsibility for Property Except as expressly set forth in Section 3.25, Contractor shall limit its operations to the Stage 2 Site. Contractor shall plan and conduct its operations so that neither Contractor nor any of its Subcontractors or Sub-subcontractors shall (i) enter upon lands (other than the Stage 2 Site and Off-Site Rights of Way and Easements) or waterbodies in their natural state unless authorized by the appropriate owner or entity; (ii) close or obstruct any utility installation, highway, waterway, harbor, road or other property unless Permits are obtained and authorized by the appropriate entity or authority; or (iii) disrupt or otherwise interfere with the operation of any portion of any pipeline, telephone, conduit or electric transmission line, ditch, navigational aid, dock or structure unless otherwise specifically authorized by the appropriate entity or authority. The foregoing includes damage arising from performance of the Work through operation of Construction Equipment or stockpiling of materials. If damage occurs to Subproject 1 or Subproject 2 prior to substantial completion of such applicable Subproject 1 or Subproject 2, liability for such damage shall be governed by the Stage 1 EPC Agreement.