We are pleased to confirm our share 4.5% of 100% (or 22.5% of 20% BKI’s) on renewal of the above mentioned account at the rate of 0.25% with R/I Comm. 20%, term and condition as per attachment. Our Security is First Capital Insurance Ltd. (Rating : A / A.M.Best). Subject to the followings :
1) No deterioration of loss records as of your binding our renewal share
2) Confirmation to the effect that the cover excludes Machinery Breakdown risks absolutely
3) No premium reserve.