Dates and Obligations
The following provides the Fortis 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 position. This summary is subject to change.
A. Premium Installments
- 1st Installment due to broker by July 1st
- 2nd Installment due to broker by October 1st
- 3rd Installment due to broker by January 1st
- 4th Installment due to broker by April 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 date.
C. Quarterly Billing Dates:
- July 1st
- October 1st
- January 1st
- April 1st