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TO: CLIENT <br />FROM: MBIA MuniServices Company <br />RE: Cancellation Notification for Insurance Requirements <br />To Whom It May Concern: <br />Recently, many of our clients who are named as additional insureds on our policies pursuant to <br />the contracts for services we provide have expressed concern that they require thirty days <br />advanced notice of cancellations regarding these policies. In an effort to protect their interests, <br />clients have asked that the insurance certificates contain an endorsement that a minimum of <br />thirty days advance notice will be provided prior to any cancellations. We at MBIA have <br />contacted our insurers in an effort to secure this endorsement. <br />Our insurers have informed us that due to the large number of additional insureds named on our <br />policies (in excess of 300), they are unable to accept liability for providing notice to every <br />additionally named insured. Our insurers will continue to provide the endorsement that they will <br />"endeavor to mail 30 days written notice to the certificate holder named herein", however they <br />will not accept this as an obligation nor a liability. <br />MBIA's current policy with our insurers does, however, contain a firm endorsement that <br />provides that MBIA shall be afforded no less than sixty days advance notice of policy <br />cancellations. Therefore MBIA will accept on its own behalf the obligation to provide no less <br />than thirty days notice prior to the effective date of cancellation to our clients named as <br />additional insureds in the event any notice of policy cancellation is received by MBIA. <br />Please retain this letter as written evidence of MBIA's obligation hereunder. We hope that this <br />satisfactorily mitigates your concerns as a client. <br />Sincerely, <br />Neil Ackerman <br />Corporate Counsel ., r i ROVED AS i0 <br />fa <br />��,eedy <br />\ttor ey <br />