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Insurance Placement Facility of Delaware

The Facility uses the ISO Lost costs and applies multipliers of 1.919 for dwelling risks

and 1.57 for commercial exposures to obtain the premium rates.

The Facility publishes and supplies the member insurance companies with copies of its

Manual of Procedures. This document includes IPFD’s underwriting standards. At year-end

2005, the Facility’s maximum underwriting limits were $200,000 for occupied dwelling

properties and $750,000 for commercial protected properties.

The Facility closely monitors coverage written on properties located within five miles of

the Delaware shoreline. At December 31, 2005, the Facility has issued 461 policies covering

seacoast properties. These policies represented $43,367,338 in aggregate insurance exposure.

PARTICIPATION AND ASSESSMENTS

Each member shall participate in the writings, profits, losses and expenses of the Facility

in any particular year in the same proportion that its respective premiums written during the

second preceding calendar year relate to the total of such premiums written by all members

during said second preceding year. The participation of all members shall thus be determined

annually and shall be fixed for a period of one calendar year.

The Board of Directors shall determine the expense of operating the Facility and any cash

reserves required to be maintained and shall from time to time assess each member its share of

the expenses and such reserves in accordance with its participation in the Facility and in

accordance with the laws of the State of Delaware. The Board may set a minimum assessment to

be paid by any member. Each member shall make a payment of any assessment within thirty

days receipt of the assessment.

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