Dates and Obligations
The following provides the MAC Casualty Ltd. 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. This summary is 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 Member's 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.