Page 16 - Bay Union - Platinum Policy Wording
P. 16

General terms and condi ons
○ Interests of  nancial ins tu ons means: If any  nancial ins tu on has been noted as having an interest in the insured property, we will  rst pay that  nancial ins tu on to the extent of their interest or the sum insured stated in the schedule, whichever is the lesser amount. If you act or omit to act in a way that may make this policy invalid, the interest of the bank or  nancial ins tu on will not be prejudiced if:
– the  nancial ins tu on was not aware of the fact that you were in breach of the policy
– you did not put in a fraudulent claim or cause the loss or damage yourself.
You must pay any addi onal instalment or payment owed to the  nancial ins tu on.
○ In a on protec on means the maximum amount for which you are insured on your contents and/or home will be adjusted annually in line with in a on. It remains your duty, however, to make sure that the sum insured re ects the full replacement value of the insured property at all  mes.
○ More than one named insured means if there is more than one named insured stated in your schedule, we will treat a statement, act, omission, claim or request to alter or cancel your policy made by one as coming from all those named as insured in your schedule.
○ Other insurance means if a claim payable under this policy is payable under any other policy we will pay only our propor onal share of the claim.
○ Overlapping of duplicate cover means if an insured event occurs and there is overlapping or duplicated cover under di erent sec ons of your policy for the same loss, damage or liability you must decide under which sec on you will submit your claim. You may not submit separate claims under di erent sec ons of the policy for the same event.
○ Pay your premiums on  me
Your premiums – whether paid monthly or annually – must reach us on  me. All premiums are payable in advance, before your policy starts.
Monthly premiums
Monthly premiums are payable by bank debit order unless we have agreed otherwise, but only as an interim arrangement.
Your very  rst premium must be paid on  me in advance; there is no grace period.
A grace period is where we have agreed to keep you covered for a speci c period, although your premium for that period has not been paid on  me. The grace period always ends on the date the next premium is due.
If you miss a payment for any subsequent month, we will keep you covered for that month as a grace period. We will, however, request payment (by debit order) of two months' premium the next month. If we do not receive the two months' premium, or you instruct your bank to stop the payment, your policy will be automa cally cancelled. This cancella on will be backdated to the date on which your  rst payment was supposed to have been made. No cash payment by you a er the grace period, without our prior agreement, will be accepted or will reverse this cancella on.
Bay Union – Pla num Policy Wording – 24 October 2016

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