Common use of Stock Declarations Clause in Contracts

Stock Declarations. Where stock is insured on a Stock Declaration basis, the premium charged on the item stock is provisional and represents 75% of the full premium payable for that item. At the end of each annual period we will adjust it as follows: 1. you must give us a declaration of the actual value of the stock you held on the last business day of each month for the annual period. This must be received by us within six weeks from the end date of the annual period, 2. if a monthly declaration exceeds the sum insured then we will adjust it back to the sum insured for the purpose of calculating your stock averages, 3. if no declaration is received for any one month, the stock sum insured will apply for that month, 4. the average of the monthly declarations will be calculated at the end of the annual period and the final premium payable will be based on the greater of: (a) that average, or (b) one half of the sum insured on stock, 5. we will re-calculate your actual premium based on the actual figures. The difference between the actual and the provisional premiums will either be payable to us or refunded to you depending upon the outcome of the adjustment, but any refund will be limited to a maximum of 50% of the provisional premium.

Stock Declarations. Where stock is insured on a Stock Declaration basis, the premium charged on the item stock is provisional and represents 75% of the full premium payable for that item. At the end of each annual period we will adjust it as follows: : 1. you must give us a declaration of the actual value of the stock you held on the last business day of each month for the annual period. This must be received by us within six weeks from the end date of the annual period, , 2. if a monthly declaration exceeds the sum insured then we will adjust it back to the sum insured for the purpose of calculating your stock averages, , 3. if no declaration is received for any one month, the stock sum insured will apply for that month, , 4. the average of the monthly declarations will be calculated at the end of the annual period and the final premium payable will be based on the greater of: : (a) that average, or or (b) one half of the sum insured on stock, , 5. we will re-calculate your actual premium based on the actual figures. The difference between the actual and the provisional premiums will either be payable to us or refunded to you depending upon the outcome of the adjustment, but any refund will be limited to a maximum of 50% of the provisional premium.

Stock Declarations. Where stock is insured on a Stock Declaration basis, the premium charged on the item stock is provisional and represents 75% of the full premium payable for that item. At the end of each annual period we will adjust it as follows: 1. you must give us a declaration of the actual value of the stock you held on the last business day of each month for the annual period. This must be received by us within six weeks from the end date of the annual period, 2. if a monthly declaration exceeds the sum insured then we will adjust it back to the sum insured for the purpose of calculating your stock averages, 3. if no declaration is received for any one month, the stock sum insured will apply for that month, 4. the average of the monthly declarations will be calculated at the end of the annual period and the final premium payable will be based on the greater of: (a) that average, or (b) one half of the sum insured on stock, , 5. we will re-calculate your actual premium based on the actual figures. The difference between the actual and the provisional premiums will either be payable to us or refunded to you depending upon the outcome of the adjustment, but any refund will be limited to a maximum of 50% of the provisional premium.