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Maritime Insurance Company-a Risk Retention Group (MIC)(Draft copy) To be executed by all participants Participation Agreement Maritime Insurance Company-a Risk Retention Group (A US domiciled Insurance Company) Your name or your company's name (hereinafter called the Participant) agrees to participate in the Maritime Insurance Company, a Risk Retention Group (hereinafter called MIC). MIC is incorporated and has received a Certificate of Authority from the State of (to be determined). MIC has been established to provide Liability insurance including Protection & Indemnity coverage for its insureds who meet MIC's underwriting criteria and who agree to become members of Marine Trades Association, Inc. MIC will operate as a captive insurance company under (TBD) insurance laws and the Federal Liability Risk Retention Act of 1986. The Participant agrees to pay a one-time capitalization fee equal to a minimum of forty-five (45%) percent and, at the participant's option, up to a maximum of one hundred (100%) of its first annual premium attributable to the first $1,000,000 (one million dollars) or less of coverage offered to it by MIC. At the participant's option the capitalization may be paid over a four year period in equal annual or consecutive monthly installments. The participant's obligation to contribute is subject to the condition that the participant and MIC have agreed to all material terms and conditions of the insurance to be provided by MIC. A complete description of the organization, capitalization and operation of MIC is contained in the Information Circular. The execution and submission of this Participation Agreement, the submission of any portion of the Capital Contribution and/or the payment of any portion of an insurance premium when due, is acknowledgement the Participant has reviewed the Information Circular and the other attachments and agrees to be bound by the terms and conditions for the MIC Insurance Program established by these documents.
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Send mail to
mail@marinetrades.com with
questions or comments about this web site. Some services are provided by outside
service organizations. The Marine Trades Association Inc. is a member service
organization and is not an insurance company, agent or broker. This website is
not to be considered a solicitation to purchase insurance or a solicitation to
invest in any scheme. The proposals on this website are for information purposes
only and are void where prohibited by law. Specific insurance questions should
be directed to Association Insurance Managers, a fictitious name of ORM Inc., a
Florida Corporation (305) 743-7711 or to their website
www.offshorerisk.com . |
