Assurances Bourgon inc

Refund and Cancellation Policy

This document should be read in conjunction with the Terms and conditions of Business document. That document contain definitions of some of the words used here.

This policy deals exclusively and only for transactions concerning the Group Professional Liability Scheme for Canadian resident members of the ICF.

Application and payment is made via this web site - http://assurancesbourgon.com. If You makes an application and a payment and if for any reason whatsoever a policy is not effected we will refund fully any payment made to us for the purpose of the intended policy - without delay.

The following details are extracted from the Policy document
The policy may be cancelled by the Named Insured or by the Underwriters by sending registered or certified mail notice to the other party stating when, not less than sixty days thereafter, cancellation shall be effective. However in the event of non-payment of premium by the Named Insured, this policy may be cancelled by the underwriters by sending registered or certified mail notice to the Named Insured stating when, not less than 10 days thereafter, cancellation shall be effective.

The mailing of of notice as aforesaid by the Underwriter shall be sufficient proof of notice, and the insurance under this Policy shall end on the effective date and hour of cancellation stated in the notice. Delivery od such written notice either by the Named Insured or by Underwriters shall be equivalent to mailing.

In the event that this Policy is cancelled, as aforesaid, the expiration date of this policy shall be the effective date of such a cancellation.

If the Policy shall be cancelled by the Named Insured, Underwriters shall retain the short rate proportion of the premium for the period this Policy has been in force, calculated in accordance with the Short Rate Cancellation Table. If this policy shall be cancelled by Underwriters, Underwriters shall retain the pro rata proportion of the premium for the period this Policy has been in force. Notice of cancellation by Underwriters shall be effective even though Underwriters make no payment or tender of return premium with such notice.

Short-rate cancellation
When an insurance contract is terminated prior to its expiry date by the insured any return premium that is payable will usually be calculated on a time on risk basis. The result is that the insured will receive less return premium than would be the case if the return premium was calculated on a pro rata basis (see pro rata cancellation).

Pro rata cancellation
When an insurance contract is terminated mid-term by an insurer, the return premium will usually be calculated on a pro rata basis. For example this means that if a 12 month contract is cancelled 4 months before its expected expiry date then the insured would receive back 4/12 of its premium.