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The Return of Premium Clause (1/3 Premium) - BI

By Anonymous
Risks : BI

If the Insured declares at the latest six months after the expiry of any policy year that the Gross Profit earned during the accounting period of twelve months most nearly concurrent with any period of insurance, as certified by the Insured’s auditors, was less than the sum insured thereon, a pro rata return of premium not exceeding one third of the premium paid on such sum insured for such period of insurance shall be made in respect of the difference. If any loss destruction or damage has occurred giving rise to a claim under this policy, such return shall be made in respect only if so much of said difference as is not due to such loss destruction or damage.
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