Legal Question in Business Law in New York
I have an S-Corp and two months ago I changed my General Liability Insurance. The insurance company I canceled sent me a letter from an audit company that they are conducting an audit. They said that all premiums are advance premiums only. I do not have a policy to see what it says. Also, they say that if I refuse to allow access to my records then they will have the option to pursue all available legal and/or equitable remedies in a court to accomplish the audit or invoice me for additional premium up to 300% of the original premium or at least $5,000. 1. Can they audit after a policy is canceled? 2. If I am required to go through the audit, our gross sales are about 500% higher than was predicted on their questionnaire. Would I be better off going through the audit or let them invoice me for up to 300%. #. Is there legal or credit ramifications of not going through the audit?
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