PREMIUM RECEIVED CLAUSE #
It is hereby noted and agreed that the insured will not be liable to insurers for non -payment of premiums if such premiums have been paid to and received by ___ . Insurers will not repudiate any insurance claim for late or non payment of premiums provided the premiums have been paid to and received by ___ . In such cases ___ will be liable to insurers for those outstanding premiums not yet transferred to insurers.
Where___ have received the insurance premiums ___ agree to pay insurers a fee of 1.00 % ( One percent ) calculated on the premium outstanding for every 15 days the premium remains outstanding to insurers.
Where premiums due under this insurance have not been received by ___ , insurers will be entitled to apply the terms and conditions of any `premium warranty` and or `premium condition` and or `premium clause` included in this insurance.
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