Standard Domestic Cover Policy Administration Guide - Premiums What happens if I pay a minimum premium on acceptance of my policy? How are premiums calculated? When must I pay the premium? What could happen if I do not pay my premium? What is meant by the "minimum annual premium" mentioned in my policy? What does "maximim liability" mean? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . What happens if I pay a minimum premium on acceptance of my policy? It will be credited to your premium account and will be used to settle premiums and credit limit fees debited to you in terms of monthly declarations received. Once the minimum premium has been fully utilised, you will be required to pay the premium due to us in the normal way. Any unutilised portion of the minimum premium is non-refundable and in the event of the policy termination will be forfeited. How are premiums calculated? Premium is charged on a monthly basis by applying the premium rate specified in your policy to the value which needs to be declared to us When must I pay the premium? Once any deposit premium has been fully liquidated, the premium due to us should be paid upon receipt of our statement. What could happen if I do not pay my premium? You will have prejudiced your rights under the policy and we would be entitled to cancel your policy and repudiate any claims which may be lodged against us. What is meant by the "minimum annual premium" mentioned in my policy? It is the minimum that you must pay us in premium each year. If the annual premium charged amounts to less than the minimum annual premium, you will be called upon to pay the shortfall. What does "maximim liability" mean? It is the cumulative maximum sum for which we will be liable in respect claims arising during each insurance year. It is very important that you check regularly whether the amount is sufficient to cover your outstanding at any time. Otherwise you could find that you are not adequately covered in the event of a cause of loss.
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When must I pay the premium?
Once any deposit premium has been fully liquidated, the premium due to us should be paid upon receipt of our statement.