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i <br />E.L.M. INSURANCE BROKERS, INC TEL (310) 322 -1301 <br />- — — FAX (310) 322 -1302 <br />1990 EAST GRAND AVE, SUITE 210 1 EL SEGUNDO, CA 90245 CA LIC # OD28706 <br />5/8/08 BINDER # 36701.01 Page 2 of 2 <br />Payment terms cont.. <br />NO LATER than 5 days <br />after receiving our invoice. <br />2. Financed premium - NO LATER than 20 days after policy inception. Your finance company must <br />be instructed to release <br />funds within this time to avoid possible cancellation due to non - payment. <br />NON- ADMITTE The Company offering this indication is non - admitted in the state of California. The Insured MUST <br />D NOTICE: receive written instructions from your agency to sign the attached SLA D -1 BEFORE coverage becomes <br />effective. If not, your agency will be responsible for any applicable minimum earned premium should the <br />Insured exercise their right to pro -rata cancellation <br />DISCLAIMER: In order to complete the underwriting process, we must receive the additional information requested <br />under the "Subject to" section above. The Carrier listed is not required to bind coverage prior to their <br />receipt, review, and underwriting approval of the requested additional information. This indication is <br />strictly conditioned upon no material change in risk occurring between the date of this letter and the <br />inception date of the proposed policy (including any claim or notice or circumstances that may <br />reasonably be expected to give rise to a claim under any policy of which the policy being proposed by <br />this letter is a renewal or replacement). In the event of such change of risk, the Insurer may in its sole <br />discretion, whether or not this offer has already been accepted by the Policyholder, modify and/or <br />withdraw this offer. <br />Please note that this indication contains only a general description of coverages provided. For a <br />detailed description of the terms of this indication, you must refer to the policy itself and any <br />endorsements indicated. <br />PREMIUM: $ 497.00 <br />14.91 State Tax <br />0.62 CA Stamp Fee <br />$ 512.53 Total Premium is Minimum and Deposit for policy period. <br />No Flat cancellations. 25% minimum retained premium in the event of cancellation. <br />This Binder is subject to all terms and conditions of the policy to be Issued. The Binder shall be terminated and voided by delivery of a <br />policy to either the Insured, his agent or representative. The coverage will remain in effect for the term indicated unless cancelled by <br />the Insured, or the Company, via written notice. <br />Frederick J. Fisher <br />