Liberty Commercial Premises insurance (Castellano)
3. Consequences of non-payment of the premium
If, because of the policyholder, the first premium is not paid, or the single premium has not been paid by its maturity, the insurer shall be entitled to terminate the contract or demand payment of the outstanding premium based on the policy. At all times, and unless otherwise agreed in the schedule, if the premium has not been paid before a loss occurs, the insurer shall be released from its obligations.
In case of failure to pay any of the following premiums, the insurer's cover shall be suspended one month after the date it came due. If the insurer does not demand payment within a period of six months following the date a premium comes due, the contract shall be understood to have been terminated.
In any case, the insurer, when the contract is suspended, may only demand payment of the premium underway.
If the contract has not been resolved or terminated in accordance with the previous paragraphs, the policy's cover shall take effect anew at midnight on the day the insurance policyholder pays the premium.