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.