Requirements
The following provides the Artisans 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.
A. Premium Installments
- 1st Installment due to broker by October 1st
- 2nd Installment due to broker by January 1st
- 3rd Installment due to broker by April 1st
- 4th Installment due to broker by July 1st
*Failure to pay premiums would result in cancellation of coverage.
B. Security Collateral Requirement (either cash or letter of credit)
- 1/2 of A Fund Yr. 1
- 1/2 of A Fund Yr. 2
- 1/2 of A Fund Yr. 3
- 1/2 of A Fund Yr. 4
- 1/2 of A Fund Yr. 5
- Maximum 2 1/2 for the five most recent underwriting years. Adjusted annually after participation in 5 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 |
|---|---|
| October 1st | March 31st |
| January 1st | March 31st |
| April 1st | September 30th |
| July 1st | September 30th |
D. Compliance
All Members must be compliant with all financial requirements or they would be subject to non-renewal the following year. Each member’s situation is reviewed to determine if a notice is warranted. Judgment by the executive committee for recommending non-renewal of a member will be based upon the frequency and degree of non-compliance with all of the financial obligations as outlined above.