February 09, 2008 Homeowners of America, HOAIC Contract Addendum for Auto Line of Business This document contains confidential andproprietary information belonging exclusively to Information Distribution & Marketing, Inc. For More Information Contact: Gary Martin President and CEO 201 Byrd Court, Suite 100 Warner Robins, GA 31088 ###-###-#### OR Michael Marchant VP Sales and Marketing Grapevine, TX 76051 ###-###-####
February 09, 2008
Homeowners of America, HOAIC
Contract Addendum for Auto Line of Business
This document contains confidential and proprietary information belonging exclusively to Information Distribution & Marketing, Inc.
For More Information Contact:
Gary Martin
President and CEO
201 Byrd Court, Suite 100
Warner Robins, GA 31088
(478) 953-9922
OR
Michael Marchant
VP Sales and Marketing
Grapevine, TX 76051
(817) 442-1569
| IDMI Confidential Information | Customer Initials |
This document by mutual agreement modifies the original PTS contract as specified herein.
| Change in Schedule: | see Attachment A |
| Change in Cost: | $55,500 |
| Travel Costs: | Travel will be billed at actual cost as pre-approved |
IDMI will augment the existing PTS system to include the following functionality:
| 1. | Existing company writing Private Passenger Auto. These product lines will be written in the current state of Texas. |
| 2. | The system will include a claims update to handle Auto. |
| 3. | "three choice" for best fit auto rating , 3 coverage/price levels for selection choices by agent |
| 4. | The system will include an customized Agent Web portal for retrieval and access to basic insured information from the HO LOB. |
| 5. | This estimate has been established with a basic review of client requirements, IDMI reserve the right to apply additional contract modifications with accompanying price increase depending on discovery during the actual design reviews. Should the pricing change IDMI will put any such changes in writing as a contract addendum for client review and approval. |
| CUSTOMER SIGNATURE | IDMI REPRESENTATIVE SIGNATURE | |
| CUSTOMER NAME AND TITLE | DATE |
| IDMI Confidential Information | Customer Initials |
Attachment A
SCHEDULE OF PAYMENTS:
| Item | Description | Date | Payments |
| 1 | Contract Signing | January 25, 2008 | 20,000 |
| 2 | System Requirements Review | February 1, 2008 | 0 |
| 3 | System Demonstration — Auto Rating & Issuance | February 21, 2008 | 10,000 |
| 4 | System Demonstration — Claims | March 17, 2008 | 5,000 |
| 5 | Process Demonstration - POS | March 31, 2008 | 5,000 |
| 6 | Pre-Install | April 4, 2008 | 0 |
| 7 | LIVE — Auto | May 21, 2008 | 15,500 |
| 8 | Post Development Completion | July 15, 2008 | |
| Payment for Hardware 3rd Party software will be billed prior to ordering | Estimated cost | N/A | |
| TOTAL: |
NOTE: ANY LATE SCHEDULED PAYMENT OUTLINED ABOVE WILL INCUR AN ADDITIONAL 5% LATE FEE ON THE TOTAL OUTSTANDING BALANCE OWED. PAYMENT IS DUE IN IDMI'S OFFICE ON THE DATE LISTED ABOVE.
Price does not include additional monthly License fees and Maintenance/support fees.
Additional license fee will be (no additional charge)
Additional maintenance fee will be $ 850 monthly and will start the month after Live
IDMI will provide the following:
| NEW PTS SYSTEM REQUIREMENTS: | ||
| Component | Description | Cost Basis |
| Auto | IDMI will add a full Private Passenger auto line of business. This will include full policy rating, issuance, claims management and reporting. It will include full POS submission processing and electronic communication between the agent and the company as needed. It will also provide for policy issuance by the agent and online access to all issuance documents, bills, notices and correspondences. | $25,000 |
| Auto Claims | IDMI will add the ability to manage and process auto claims. This will include a complete set of claims correspondence memos and workflow processing as needed. | TBD |
| External Interfaces (To be determined clue) | Included | |
| ISO VIN Master | ||
| ISO Physical damage symbol | Included | |
| MVR | 5,000 | |
| A+ Household reports /UDI report | 5,000 | |
| IDMI Confidential Information | Customer Initials |
| Credit report rating integration | 2,000 | |
| TDI interface export, Texas regulatory reporting | 5,000 | |
| TICO report | 5,000 | |
| Connective tech (if second LOB Bridge/ first bridge $5000) | 2,500 | |
| States | IDMI will add the ability to write Personal Auto in Texas | Included |
| Agent Portal | Customize Agency POS Portal for basic data integration from HO LOB | 6,000 |
| Insured Portal | IDMI will develop an online Insured Web portal to allow for Internet access to policies by the Insured. This access will include policy information access, access to all policy issuance documents, bills, notices and correspondences, access to current financial information and the ability to make online payments as needed. To be Determined Primoris payment services versus additional PTS insured Portal Primoris payment services set-up fees range from $1000 to $2500 | TBD TBD |
| Hardware/ Software | N/A | |
| TOTAL | $55,500 |
| IDMI Confidential Information | Customer Initials |
