Laserfiche WebLink
a. An Estimated Audit Endorsement will be issued reflecting a fifty percent (50%) increase in your <br />reported premium basis. This Increase is an estimate based on information we have on file, or your <br />business operations. <br />Id. The Estimated Audit Endorsement will include a copy of the Unproductive Audit Report that outlines <br />the documented attempts made to collect the required information. <br />c. If you agree with the Estimated Audit Endorsement, you must remit payment for the full amount of the <br />estimated audit; or <br />d. If you dispute the Estimated Audit Endorsement, you must provide the requested audit information so <br />we can calculate the proper earned premium developed for the policy period. <br />$. Cancellation Audit Procedure. <br />a. If the policy is canceled prior to the expiration date the first Named Insured retains the unearned <br />premium; we will retain the earned premium developed by: <br />(1) Multiplying the advance premium by the applicable pro -rats factor, short -rate factor, or minimum <br />earned premium percentage; or <br />(2) An audit of your books and records for the period the policy was in force, <br />whichever is greater. <br />b. If the actual earned premium generated as a result of an audit is greater than the advance premium <br />paid at issuance, then a final premium adjustment endorsement will be issued. The additional <br />premium amount shown on the final premium adjustment endorsement is due and payable to us upon <br />notice to the first Named Insured. <br />B. The following definitions are added to the Definitions section: <br />1. "Casual laborers" are persons who provide services that are performed in the course of the employing <br />unit's trade or business regardless of the amount of remuneration received or the length of time the <br />services are provided. <br />2. "Designated operations" means only those operations performed by any insured that are described on the <br />Common Policy Declarations, the General Liability Coverage Part Declarations, or the endorsements or <br />supplements of this insurance. <br />All other terms and conditions of this policy remain unchanged, <br />I.goi (12109) Includes copyrighted material of Insurance Services Office, Inc., with <br />Page 3 of 3 <br />