Intermediary Clause (2005)

Independent Brokers Ltd., Wellesley House, 90 Pitts Bay Road, Pembroke HM08, Bermuda is hereby recognised as the Intermediary negotiating this Agreement for all business hereunder.  All communications (including, but not limited to, notices, statements, premiums, return premiums, commissions, taxes, losses, loss adjustment expenses, salvages, and loss settlements) relating thereto, shall be transmitted to the Company or the Reinsurer through Independent Brokers Limited.

Payments by the Company to the Intermediaries shall be deemed to constitute payment to the Reinsurer. Payments by the Reinsurer to the Intermediary shall be deemed to constitute payment to the Company only to the extent that such payments are actually received by the Company.

All funds received under this Agreement shall be deposited in a separate “Premium and Loss Account” held with the Bank of N.T. Butterfield & Sons Ltd., Hamilton Bermuda. This Bank account is designated as a Statutory Trust Account as set out in FSA CASS 5.3 (Financial Services Authority - Client Assets sourcebook 5.3) and provides a separate bank account, which segregates the operations of client money accounts, as set out in CASS 5.5 (Financial Services Authority - Client Assets sourcebook 5.5).


CONTACT

• SIMON C. EVERETT • email: severett@img.bm
• FRANCIS J. CARTER, President • email: fcarter@img.bm