Low Cost SR22 insurance policies

The Named Assured, upon delivery of the policy, shall pay to the company an advance premium based upon the full number of such persons, as named, under Class 1 and the total number of persons, as indicated, under Class 2, and the SR22 insurance rates per person as indicated in the schedule. The earned premium shall be calculated as hereinafter provided. In any event, the company shall retain the minimum annual premium stated in the schedule.

Upon submission of the monthly records hereinbefore required, such records shall be retained by the Company, and premium adjustment for Class 1 shall be made on the basis of a pro rata charge for persons added to and a pro rata return for persons eliminated from the schedule. For Class 2, premium : adjustment shall be made on the basis of the average number of such persons employed during the term of this insurance. The rates in effect at the time this policy was issued shall govern such premium adjustments.

Upon expiration of this policy, the earned premium due the company shall be equal to the advance premium modified by the adjustments as hereinbefore provided. If the earned premium is greater than the advance premium the Named Assured shall pay the difference to the company; if the advance premium is greater than the earned premium, the Company shall return the difference to the Named Assured.

The Company or any of its authorized agents shall be permitted to examine the Named Assured’s books and other records at any time during the term of this insurance, or any extension thereof, or within two years after its final expiration.

Policy is hereby eliminated as respects the coverage provided under this endorsement and it is agreed, anything in the policy to the contrary notwithstanding, that the policy does not cover and shall not be construed to cover the liability of any person, firm or corporation other than the Named Assured.
policy is hereby eliminated as respects the coverage provided under this endorsement and it is understood and agreed that if there exists, at the time of the accident, a policy of insurance taken out by or affected on behalf of any one other than the Named Assured and under the terms of which policy the Named Assured is entitled to protection and coverage, then this endorsement shall operate only as excess insurance over and above the amount of such valid and collectible insurance.

Subject otherwise to all the terms, limits and conditions of the policy to which this endorsement is attached.” Every risk involving 500 or more employees whether compensated on a salary and/or commission basis shall be submitted to the company for rating, regardless of the extent of coverage desired, with an application blank filled out and signed in ink by the assured.

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