The following information gives you an overview of the important contents of the insurance contract for Professional Indemnity for Digital Professions and the risk carrier Markel. We expressly point out that this information is not exhaustive.
The insurance premium is paid annually by credit card as shown in the premium invoice.
3. Failure to Pay the First Premium
One-time or first premium
As long as the one-time or first premium has not been paid on time, the insurance agreement terminates after 15 days from the day the policyholder received a payment reminder (registered letter) from the insurer with notification that the premium is due.
Follow-up insurance premium
Follow-up premiums must be paid immediately following receipt of the premium invoice. If the premium has not been paid within 15 days from the day the policyholder received a payment reminder (registered letter) from the insurer with notification that the premium is due, the insurer may terminate the insurance contract without a notice period.
The insurer will expressly advise the policyholder of this consequence when the termination is issued. The termination is not valid if the policyholder submits the payment within one month after the termination or the expiry of the deadline, unless the insured event has already occurred.
If a failure to pay a premium has resulted from policyholder‘s financial difficulties, the insurance is not terminated until the impeding circumstance has ceased to exist or three months has elapsed from the closing of the notice period.
4. Start of Insurance
When you pay by credit card, if the application questions are answered with yes, you will receive immediate insurance coverage, i.e. from 12:00 a.m. CET of the selected start of insurance (including Saturday or Sunday). In the online application, you can choose a backdate of up to 3 months or a date that is up to 12 months in the future.
5. Contract Extension and Termination
The contract is extended by a further year if it is not terminated by the insurer under acceptable reason with one month’s notice to the end of the insurance year. You are entitled to terminate the insurance contract at any time without a notice period.