The following provides the Archway Insurance Ltd. membership with important policies and procedures as it relates to your financial obligations. It's important to note when the obligations are required to be in place to retain your membership in good standing position. These requirements are subject to change.
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 Yr. 1
- 2/3rds of A Fund Yr. 2
- 2/3rds of A Fund Yr. 3
- Maximum 2A of the average three most recent open and representative underwriting years. Will be adjusted annually up or down after your participation in 3 complete underwriting years.
- Letter of Credit is required to be in place within 60 days of inception date for new members.
- Letter of Credit is required to be in place within 60 days of renewal date for all members.
C. EXPERIENCE ADJUSTMENT (I.E., CLAIMS INDEMNIFICATION BILLINGS, A FUND ASSESSMENT BILLING):
|Quarterly Billing Dates||Based on Financial Statement Dates|
|March 1st||August 31st|
|June 1st||August 31st|
|September 1st||February 28th|
|December 1st||February 28th|