A minimum and deposit premium is the amount due at the inception of the Product Liability Policy. Even though the policy is “ratable” (subject to adjustment based on rate per sales), under no circumstances will the annual earned premium be less than the minimum premium.
In other words, the Product Liability policy may generate additional premium on audit because of an increase of actual sales over the projected sales. But it will not generate a return premium if actual sales fall short of the projected sales.
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