ADDENDUM TO THE CAPTIVE INSURANCE COMPANY MANAGEMENT SERVICES AGREEMENT BETWEEN USA RISK GROUP (BERMUDA), LTD. (“USABDA”) AND AMERINST INSURANCE COMPANY, LTD. (“THE COMPANY”) EFFECTIVE: January 1, 2005

Exhibit 10.20

ADDENDUM TO THE

CAPTIVE INSURANCE COMPANY MANAGEMENT SERVICES AGREEMENT

BETWEEN

USA RISK GROUP (BERMUDA), LTD. (“USABDA”)

AND

AMERINST INSURANCE COMPANY, LTD. (“THE COMPANY”)

EFFECTIVE: January 1, 2005

Management Agreement Addendum

1) It is hereby agreed that, the Company will compensate USABDA at a rate of $205,000 per annum beginning 1/1/05, $215,000 per annum beginning 1/1/06 and $225,000 per annum beginning 1/1/07 and ending 12/31/07.

2) Cause the above fee to be paid in quarterly installments in advance at the beginning of each calendar quarter.

3) Reimburse USABDA for reasonable out-of-pocket expenses incurred during the management of the COMPANY including; courier and express mail service; long distance telephone calls; travel and meeting expenses incurred at the request of the COMPANY; costs of COMPANY stationery; filing fees; and similar expenses.

COMPANY agrees that special projects will be invoiced separately at agreed upon fees or rates.

IN WITNESS WHEREOF, the parties have duly executed this Addendum this 1^st day of January, 2005.

By:		/s/Xxxxxx Xxxxxxxx
		USA Risk Group (Bermuda), Ltd.
By:		/s/ Xxxxxx X. Xxxxx
		AmerInst Insurance Company, Ltd.