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Non Life Insurance

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How is the premium calculated under the Contractor's All Risk insurance policy if the period of insurance exceeds 12 months?

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eds 12 months, then the premium can be collected in installments and the basis of calculating the installment is as under:

  • The entire premium has to be collected 6 months before the expiry date of the policy.
  • The first installment must be at least 5 percent of the total premium as compared to the subsequent installment that should be equal in amount.
  • The interval between successive installments must not be less than three months.
  • The installments must be paid in advance and a schedule indicating the due date and the installment amount must be incorporated on the policy.
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