EXHIBIT 10.25
ADDENDUM NO. 1
Attaching to and forming part of the
COMMERCIAL AND PRIVATE PASSENGER AUTOMOBILE
QUOTA SHARE TREATY
(hereafter referred to as the "Agreement")
issued to
FEDERATED NATIONAL INSURANCE COMPANY
Plantation, Florida
(hereinafter referred to as the "Company")
by
TRANSATLANTIC REINSURANCE COMPANY
New York, New York
(hereinafter referred to as the "Reinsurer")
IT IS HEREBY MUTUALLY AGREED by the parties that effective 12:01 a.m., Eastern
Standard Time, January 1, 2002, Article 20-Salvage and Subrogation, will be
revised by the addition of the following paragraph:
The adjusting company (Superior Adjusting, Inc.) will receive 15% of
gross subrogation recoveries and 10% of any salvage recoveries.
Notwithstanding above, payment for these fees will be made only when
salvage or subrogation recoveries are submitted in the monthly
accounting statement.
Signed in Plantation, Florida on this day of 2002
FEDERATED NATIONAL INSURANCE COMPANY
/s/ Xxxxxxx X. Xxxxxxxxxx
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and in New York, New York on this 22nd day of August 2002
TRANSATLANTIC REINSURANCE COMPANY
/s/ Xxxxxxx X. Xxxxxxxxx
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300300302
