Dates and Obligations
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A. Premium Installments
- 1st Installment due to broker by March 1st
- 2nd Installment due to broker by June 1st
- 3rd Installment due to broker by September 1st
- 4th Installment due to broker by December 1st
*Failure to pay premiums would result in cancellation of coverage.
B. Security Collateral Requirement (either cash or letter of credit)
- 2/3rds of A Fund annually.
- Maximum 2A for the three most recent underwriting years. Will be adjusted annually up or down after participation in 3 complete underwriting years.
- Letter of Credit (or cash) is required to be in place within 60 days of new policy inception or renewal date.