A energy company purchasing insurance from OCIL can choose to be a Shareholder. (Minimum of $25 million in limits)
A Policyholder purchases insurance from OCIL in the same way as the conventional insurance market. A non-shareholder insured does not have voting or dissolution rights.
A Shareholder must purchase one share of common stock in OCIL for $5,000.
A Shareholder is able to accrue both voting rights and dissolution rights as well as have the opportunity to nominate a representative stand for election to the Board of Directors.
The following information is needed for consideration to quote.
- Full Submission (including Bermuda Market Application)
- 10 Year General Liability Loss History (claims over $2 million)
- Description of the size and structure of current program and which layer and policy form OCIL would be asked to quote
Contact with OCIL can be either direct or through a broker, however due to tax and regulatory constraints, American and Canadian based companies should contact OCIL through a non-American and non-Canadian broker.
It is the policy of OCIL to comply with all international sanctions imposed by the United Nations, the United States of America, the European Union and all other countries which have jurisdiction over OCIL and its operations. In addition to other safeguards, OCIL regularly endorses its polices to exclude coverage for claims that could reasonably expose the company to the penalties associated with sanctions.