How are audit results communicated?
We’ll send you a Premium Audit Statement for each policy premium audit resulting in additional or returned premium. If the premium audit results in no change, we won’t send a Premium Audit Statement. This Audit Premium process is for the previous policy term or a cancelled policy term.
Once the premium audit results are known for the previous or cancelled policy term, the premium for your current term will also be adjusted based on those results. This process in known as a Change Due to Audit.
Results of the premium audit will also be reflected in your next commercial insurance invoice. The invoice may include:
- Current Payment
- Audit Premium
- Change Due to Audit