Upon receipt of your turnover statement, we will calculate the premium and provide you with the premium invoice. This calculation is done:
- according to the amounts specified;
- on the basis of the premium rate in the policy;
- taking into account any advance payments made.
Premium is subject to tax. Different branch rate is often payable for insured or co-insured persons in other countries. Therefore, the separate turnover statement for your co-insureds, if any, is important.
A minimum annual premium is due per insurance year. This amount is stated in the policy. If you do not reach the minimum annual premium, we will send you a premium invoice for the balance.
Premium invoices are payable within 20 days of receipt of the invoice.
Watch this video of An explaining more about the insurance tax.
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