Premium Payment Warranty

PREMIUM PAYMENT WARRANTY #

1. Notwithstanding the provisions of article 257 of the Commercial Code (Kitab Undang-Undang Hukum Dagang ) and without prejudice to clause 2 hereinafter set out, it is a condition precedent to liability under this Policy, that any premium due must be paid to and actually received in full by the Insurer within …..(…..) calendar days from the inception  date of coverage under the Policy
2. In the event any of the above mentioned premium is not paid in the manner and within the time stipulated above, the cover under this Policy shall be deemed to have terminated from the expiry of the said premium  grace period and the Insurer shall be discharged  from all liability  therefrom  but  without  prejudice  to  any liability  incurred  before that date and the Insurer will be entitled to a time on risk premium of  ………% (………………) of the total premium.