# Premium

The insured shall pay premium to the Company as specified in the Declarations.

Upon expiration of this policy or its termination during the policy period, the named premium shall be computed as follows: If the named premium thus computed is more than the advance premium paid, the Insured shall immediately pay the excess to the Company; if less, the Company shall return the difference to the Insured; but the Company shall receive and retain the annual minimum premium for each twelve (12) months of the policy period.

## Notification of Accidents or Occurrences

The Insured, upon knowledge of any accident or occurrence, whichever is applicable, involving injuries or damages, which, without regard to liability, are likely to give rise to a claim hereunder, shall give immediate written notice thereof to the Company.

## Assistance and Co-operation

The Company shall not be called upon to assume charge of the settlement or defense of any claim made or suit brought or proceeding instituted against the Insured but the Company shall have the right and shall be given the opportunity to associate with the Insured or the Insured's underlying insurers, or both, in the defense and control of any claim, suit or proceeding relative to an accident or occurrence, whichever is applicable, where the claim or suit involves or appears reasonably likely to involve the Company, in which event the Insured and the Company shall co-operate in all things in the defense of such claim, suit or proceeding.

## Cancellation

This policy may be cancelled by the Insured by surrender thereof to the Company or by mailing to the Company written notice stating when thereafter the cancellation shall be effective. This policy may be cancelled by the Company by mailing to the Insured the address shown in this policy, written notice stating when not less than 30 days, thereof such cancellation shall be effective. The manner of notice as aforesaid shall be sufficient proof of notice. The time of the surrender or effective date and hour of cancellation stated in the notice shall become the end of the policy period. Delivery of such written notice, either by the Insured or by the Company, shall be equivalent to mailing.

The first named Insured hereby warrants that it is liable for the total earned premium due to the Company for the insurance provided in this policy and that it has legal authority on behalf of all Insureds to accept and direct all communications pertaining to cancellation or non-renewal from and to the Company. The first named Insured will hereby hold the Company harmless for any liability the Company may incur by accepting from or directing to the first named Insured all communications including, but not limited to cancellation or non-renewal. Payment of any unearned premium to the first named Insured shall be deemed to be payment to all parties to whom the Company has an obligation to pay such funds and the first named Insured shall hold the Company harmless for any obligation to pay any unearned premium to any other Insured.

If the Insured cancels, earned premium shall be computed in accordance with the short rate table and procedure in use for this policy. If the Company cancels, earned premium shall be computed pro rata. Premium adjustment may be made either at the time cancellation is effected or as soon as practicable after cancellation becomes effective, but payment or tender of unearned premium is not a condition of cancellation.