OIL's Application Process

The following summarizes the steps to join*:

  1. Complete and sign OIL Application Form and Premium Indication Request Form. (All forms can be found under Agreements, Policies & Forms.)
  2. Submit most recent audited gross assets (as at 12/31st or other financial year end).
  3. Submit Atlantic Named Windstorm (DNWS) gross assets, if applicable – Officer sign off required.
  4. Submit windstorm exposure data, if applicable, for internal review.
  5. 10-year Loss History (ground up losses xs $5M) – Officer sign off required.
  6. Application will be reviewed by Management for approval.
  7. Once approved, Shareholders’ Agreement to be signed in Bermuda (or via proxy using a Power of Attorney).
  8. New member will be billed for initial premium plus $10,000 for the purchase of one Class ‘A’ share.
  9. New shareholder pack  will be forwarded to member (includes: coverage confirmation letter, policy declaration, insurance/reinsurance policy, share certificate etc).
  10. Once approved, coverage is provided upon inception.

*  Entry in OIL can be Direct or via a Captive (subject to a Parental Guarantee).
*  United States and Canadian companies must access OIL through a recognized third party broker/consultant or a captive.

Guide to Completing OIL Application Form