The cover will automatically cancel at the earliest occurrence of the following:

  • 12 months from the inception date; or
  • the date on which the first transaction is successfully completed and no claim is made under the policy; or
  • the date on which the second transaction is successfully completed and no claim is made under the policy; or
  • the date on which costs and expenses are paid under this insurance for the third transaction and the claim is closed or where the maximum amount payable is reached for the third transaction which results in the claim being closed.