Payment of Premium Warranty Clause (… Days)
Notwithstanding the provisions of Article 257 of The Commercial Code (Kitab Undang-Undang Hukum Dagang) and notwithstanding anything herein contained to the contrary, and subject only and without prejudice to clause 2 hereinafter set out, it is hereby declared and agreed that it is a condition precedent to liability under this Policy, any Renewal Certificate, Endorsement or Cover Note that any premium due must be paid and actually received in full by the company:
- When the period of insurance is 30 days or more, within thirty (30) days from the inception date of coverage under the Policy, Renewal Certificate, Endorsement or Cover Note.
- When the period of insurance is LESS than thirty (30) days, within the period of Insurance specified in the Policy, Renewal Certificate, Endorsement or Cover Note.
In the event any of the above in the manner and within the time stipulated above (the “premium warranty period”), the cover under this Policy, any Renewal Certificate, Endorsement or Cover Note shall be deemed to have terminated from the expiry of the premium warranty period and the company shall be discharged from all liability there from but without prejudice to any liability incurred before that date and the company will be entitled to a prorata time on risk premium subject to a minimum 25% the annual premium.