Liberty Quality Home - house and contents insurance
CONTRACT BASES
Article 17 - Payment of the premium
1. Time of payment
The policyholder must pay the first premium or sole premium upon execution of the agreement. Any subsequent premiums shall be paid on their corresponding due dates.
If the policy is not to come into force immediately, the policyholder may delay payment of the premium until the policy is to come into force.
2. Place of payment
Should no place for the payment of the premium be stipulated in the policy's schedule, it shall be understood that the payment is to be made at the policyholder's residence.
3. Consequences of non-payment of the premium
If, because of the policyholder, the first premium is not paid, or the sole premium has not been paid by its maturity, the insurer shall be entitled to terminate the agreement or demand the enforced payment of the owed premium based on the policy. At all times, and unless agreed otherwise in the schedule, if the premium has not been paid before an accident occurs, the insurer shall be released from its obligations.
In case of failure to pay any of the following premiums, the insurer's cover shall be suspended one month after the date it came due. If the insurer does demand payment within a period of six months following the date a premium comes due, the agreement shall be understood to have been terminated.
When the agreement is suspended, the insurer may only demand payment of the premium underway at the time.
If the agreement has not been resolved or terminated in accordance with the previous paragraphs, the policy's cover shall come into force again at midnight on the day the policyholder pays the premium.
Article 18 ... Claims - processing