The Premium Finance Cancellation section of the "Cancellations/Reinstatements" section in the All Lines General UW Guidelines document has been revised to align its provisions with other cancellation provisions in this section - please see updated section below.
Premium Finance Cancellations
The policy must be cancelled as of the date specified in the finance company notice. The finance company has the insured's power-of-attorney and notice of cancellation from the finance company is a de facto request from the insured. The return premium should be calculated on a short rate return premium basis, subject to minimum premium as indicated in the policy. Cancellation due to the sale of the property or business that relieves our insured of all insurable interest may be calculated on a prorated basis.
