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