Single Pay Payment Agreement.
Terms and Conditions
INSURED AUTHORIZATION AND PRIVACY AUTHORIZATION _______________________________
By signing this Payment Agreement, the Insured (referred to below as “I” or “me” or “my”):
- acknowledges reading and understanding the AGREEMENTS OF INSURED/BORROWER of this Payment Agreement as outlined on the following pages; and
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consents to the collection, use and disclosure of my personal information for the purposes of (i) assessing my eligibility for the purposes of this Payment Agreement, (ii) fulfilling IPFS Canada’s obligations under the Payment Agreement, and (iii) as further described in the privacy policy available at https://ipfscanada.com/privacy-policy/ or on request; and
- acknowledges that my personal information may be stored and processed outside of Canada, including in the United States, and disclosure may be compelled by foreign courts, law enforcement and national security authorities.
PAYMENT AGREEMENT _______________________________________________________________
Imperial PFS Canada (“IPFS Canada”) is hereby authorized to draw payment under its Payment Agreement (“PA”) from the Payment Details provided above to cover the Payment due under this PA. This authorization shall extend to include any revised payment amounts, late charges, NSF charges and other amounts due to IPFS Canada under the terms of this PA. I agree that revised debits may occur prior to receiving written notice of the change in the amount paid. I also understand that if I wish to change the amount of my pre-authorized debit (PAD) I should contact IPFS Canada by phone at 1-866-815-9454 or in writing at premiumfinance@ipfscanada.com and/or 1 Toronto Street, Suite 1011, Toronto, ON M5C 2V6. This authorization is a Personal PAD (where the Insured is an individual acting for personal purposes) or a Business PAD (where the Insured is a corporation, person or entity acting for business purposes). This authorization may be cancelled at any time by me upon 30 days written notice to IPFS Canada, but cancellation does not affect my obligation to continue to make payments under the PA. I acknowledge that I have certain recourse rights if any debit does not comply with this PA. For example, I have the right to receive reimbursement for any debit that is not authorized or is not consistent with this PAD and PA. To obtain more information on my rights or a sample cancellation form, I should contact my financial institution or visit www.payments.ca.
AGREEMENTS OF INSURED/BORROWER _______________________________________________
I have arranged, through an Insurance broker (“Broker”), to purchase one or more insurance policy (“Policy(ies)”) from insurance companies chosen by me (“Insurance Companies”). Details specific to my payment will be provided in a Payment Confirmation that will be sent to me within 10 business days of IPFS Canada receiving a signed copy of this Payment Agreement. In consideration of IPFS Canada forwarding my Payment amount (equal to the Total Premiums) to the Insurance Companies on my behalf and with my authority, I, THE INSURED, HEREBY AGREE TO THE FOLLOWING TERMS AND CONDITIONS:
- I AGREE AND ACKNOWLEDGE THAT: I HAVE RECEIVED A COPY OF THIS PA AND I HAVE REVIEWED THEDISCLOSURE SET OUT ABOVE, AND CONFIRM THAT I WISH TO PROCEED WITH THIS PA TO HAVE IPFS Canada PAY THE TOTAL PREMIUMS ON MY BEHALF.
- I agree to pay the Payment indicated above to IPFS Canada or on or before the earliest Effective Date of any of the Policy(ies) and I agree that my payment can be relied upon as confirmation that I have accepted this PA and all its Terms and Conditions and authorized the Personal PAD.
- Payment by IPFS Canada to Brokers: I acknowledge and agree that IPFS Canada will forward my Payment amount to the Broker when such Payment amount is received by IPFS Canada, and that IPFS Canada has no obligation to make such payment until the Payment amount is received from me. I understand that no credit is being advanced by IPFS Canada. I understand that IPFS Canada receiving payment is not a confirmation to bind coverage.
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Payment Default Charge: Subject to applicable legislation, I agree that IPFS Canada may, at its own discretion, impose a charge in the amount of CAD ${Minimum Return Charge} plus applicable taxes to recover costs associated with any returned payment.
- I agree that because some of the Policy(ies) may not have been issued at the time of signing of this PA, the Broker will provide a Schedule of Policies, including (where available) the names of the Insurance Companies issuing the Policy(ies), the Policy numbers. The Total Premium and the due date of the payments, will be confirmed to me in the Payment Confirmation which will be sent to me within 10 business days of IPFS Canada’s acceptance of the Payment Agreement. I agree that during the term of this PA, IPFS Canada may amend the PA (1) to reflect any changes in the Total Premiums or otherwise resulting from any cause whatsoever, (2) to ensure that this PA conforms to the original provided to the Broker and correctly sets forth the details of the Policy(ies). I agree that all such amendments shall be binding upon me.
- Remedies, Waiver, and Severability: All rights and remedies of the parties, pursuant to this PA, in law or at equity, are cumulative and may be exercised concurrently or separately. The exercise of one remedy will not be an election of that remedy to the exclusion of other remedies. The waiver of a breach of any term or condition of this PA or the failure to enforce a right pursuant to this PA will not act as a waiver of any other breach of the same or any other term or condition or as a waiver of any future right. If any provision of this PA is held to be unenforceable, the remaining provisions will remain in effect and the parties will negotiate in good faith a substantively comparable enforceable provision to replace the unenforceable provision.