Dates and Obligations
The following provides the Summit Insurance, Ltd. (Summit) membership with a summary of certain important policies and procedures as they relate to your financial obligations. It's important to note when the obligations are required to be in place to retain membership in good standing.
A. Premium Installments
- 1st Installment due to broker by February 1st
- 2nd Installment due to broker by June 1st
- 3rd Installment due to broker by August 1st
- 4th Installment due to broker by November 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.
C. Quarterly Billing Dates
- February 1st
- May 1st
- August 1st
- November 1st