All requests for amendments to any policy must be received in writing from the Client. All agreements from Insurers must be sent to the Client in writing.
When additional premium is involved the Account Executive must obtain the agreement, before the cover attaches, of the Client to pay such monies by an agreed date and issue the debit note as soon as possible. This is especially important when the policy period is extended. If PSC obtains any agreement from an Insurer in anticipation of the Client requesting such an amendment it is important that all such Insurers agreements are made subject to such request and agreement from the Client. See Section 5.23 regarding Short Rate.
If an extension to a policy period goes on risk, we have to do our best to collect the additional premium from the Client and pay Insurers. However if a policy is renewed with the same market as the expiring policy it is OK to cancel an extension after it has gone on risk and backdate the inception of the renewal to the original expiry date.
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