YES ! You have a contractual duty to do so. If you fail to do so it could create a coverage problem even after a policy is canceled. After many years in the insurance business i have not seen a problem of this nature occuring. The problem here is that with general liability a claim can occur but without any one being aware of the issue. These are referred to as INCURRED BUT NOT YET REPORTED. I have seen these type of issues before but they were not connect to a audit. I stongly recommend you comply with the policy provisions that says you have a duty to comply.
It would depend on how the policy was written as to whether or not a general liability insurer would cancel a policy after an audit where they found out that the company did not report all employees.
rescind???? Is to cancel a previous action, don't believe me than look it op in a dictionary.
Not if you now only have liability coverage.
Compromise of 1850.
To cancel a previous action means to reverse or undo what was previously done. This can involve nullifying a decision, retracting a statement, or revoking a transaction. It essentially erases the consequences of the initial action.
No, that is a myth. President Obama did not participate in an event that was sponsored by an evangelical Christian group, but he did not cancel the event, and he did show respect for those who wanted to be part of it.
"Undo" can function as a verb, meaning to reverse or cancel a previous action.
Ultimately the insured is responsible for obtaining adequate liability insurance coverage. If a loss is incurred, it will generally be covered by whichever policy was in force at the time of the loss excepting where Professional liability is the covering policy type.
A contract is legally binding and in general you cannot cancel it. The only exception is if the contract states there is a period of time to cancel it. Many people have the wrong information on this topic.
It applies to legal documents between the same parties. When a new document replaces a previous one, it cancels the previous in its entirety, while when it supersedes the previous document, the terms that are unchanged or not mentioned in the new document remain in force as per the previous document, as it to say that "supersedes" means "updates". In practice and for avoidance of doubt lawyers use "supersedes and replaces" in order to cancel the previous document.
It's going to be up to the listing agent and his/her company. If they agree, you'll be asked to sign a Mutual Release that absolves them of any future/further liability.
The usual answer would be "Thank you, but I'm seeing someone else". Of course, if the new man seems to be considerably better than the previous man, accept his date and cancel the previous one.