Page 12 - Agriculture Policy Wording Binder

proportion of the amount payable by or to the Insured in respect of such event. If any such other insurance is subject to any condition of average, this Policy, if not already subject to any condition of average, shall be subject to average in like manner.
3. Cancellation
3.1 Notice
This Policy, Policy Section or item may be cancelled at any time by the
3.1.1 Company giving 31 (thirty one) days' notice in writing (or such other period as may be mutually agreed) or
3.1.2 the Insured giving immediate notice.
3.2 Pro-rata premiums
On cancellation by the Insured, the Company shall be entitled to retain the customary short period or minimum premium for the period the Policy, Policy Section or item has been in force. On cancellation by the Company, the Insured shall be entitled to claim a pro-rata proportion of the premium for the remainder of the period of insurance from the date of cancellation, subject to General Condition 5.
3.3 Premium refund
The Company will not refund the Insured upon cancellation of the Policy, Policy Section or item for the remainder of the period of insurance up to renewal if the maximum amount stated in the Schedule for such property or Section is settled in terms of a claim.
This General Condition shall apply whether the Insured gave instruction for cancellation or the Company, for whatever reason.
4. Cooling-off period
Where the Insured is classified as an Individual in terms of Point 5 of the definition of the Insured, the Insured has the right to cancel the policy entered into with the Company by providing written notice to the Company;
PROVIDED THAT:
1. where a policy has a term longer than 30 (thirty) days and no benefit has been paid as yet, claimed for or an event insured against under the policy has not yet occurred;
2. written notice is provided to the Company within 14 (fourteen) days after the date of receipt of the policy contract;
3. from a reasonable date on which it can be deemed that the policyholder received the policy contract, but not more than sixty (60) days, after commencement of cover;
All premiums or moneys paid by the Insured to the Company up to the date of receipt of the cancellation notice referred to above, shall be refunded to the Insured.
5. Premium payment
5.1 Where the premium is paid quarterly, bi-annually or annually
The premium is due and payable on or before the inception date or renewal date, as the case may be, but must be paid within 31 (thirty one) days from this date. The Company shall not be obliged to accept premium tendered to it more than 31 (thirty one) days after the inception date or renewal date, as the case may be, but may do so upon such terms as it, at its sole discretion, may determine.
5.2 Where the premium is paid monthly
The premium is due and payable on or before the inception date or the selected debit order date of each month thereafter, as the case may be. If the premium has not been paid for any reason other than the Insured having stopped payment, the Company will re-debit in the following month for two months' premium. If the full double premium has not been paid, the Policy will be cancelled from the due date of the first unpaid premium.
If a claim occurs within the month that the premium is unpaid and the Company is awaiting the double debit. No claim will be settled until such time that the Company can confirm that the full premium is received.
General Exceptions, Conditions and Provisions
Page | 10 Policy Wording – Agriculture – Binder – Version 2 2023