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How is the premium calculated under the Contractor's All Risk insurance policy if the period of insurance exceeds 12 months?

• The entire premium has to be collected 6 months before the expiry date of the policy.
• The first installment must be at least 5 percent of the total premium as compared to the subsequent installment that should be equal in amount.
• The interval between successive installments must not be less than three months.
• The installments must be paid in advance and a schedule indicating the due date and the installment amount must be incorporated on the policy.