You have agreed a turnover-based premium if the agreed premium rate under point 1 of the Special Terms of your policy is endorsed with the phrase “Turnover with insured customers”.
During the course of an insurance period, we will charge you the contractually agreed minimum premium in equal quarterly or six-monthly instalments.
At the end of the insurance year, we will send you a form entitled “Information for premium calculation – Turnover”. Please complete this turnover declaration form, stating your turnover from the insured customers in the stated insurance year.
How do I determine and declare insured turnover?
Please return the signed form within 30 days. Upon receipt of your turnover declaration, we will calculate the final premium payable by you for the previous insurance year.