The duty of the Insured or his agents, by policy terms or statute law, to take such measures as may be reasonable for the purpose of averting or minimising a loss.
The duty of the Insured or his agents, by policy terms or statute law, to take such measures as may be reasonable for the purpose of averting or minimising a loss.
A premium paid in advance as a deposit when it is not practicable at the time of placing the risk to assess the final premium. It is usual for a provision to be made at the time of placing to allow for adjustment on expiry of the policy. In some cases the deposit is specified as a minimum premium, in which case the adjustment is made only if the final premium exceeds the deposit premium.