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                                                                   Exhibit 10.14

                                     FORM OF
                            INDEMNIFICATION AGREEMENT

THIS AGREEMENT is made on the ___ day of _____________, 2006.

BETWEEN:

RAM Holdings Ltd., a limited liability company incorporated under the laws of
Bermuda with its registered office located at Clarendon House, 2 Church Street,
Hamilton 11, Bermuda (the "Company"); and

__________ of __________ ("Indemnitee").

WHEREAS Indemnitee is a director and/or officer of the Company;

WHEREAS highly skilled and competent persons are becoming reluctant to serve
public companies as directors or officers unless they are provided with adequate
protection through insurance and indemnification against inordinate risks of
claims and actions against them arising out of their service to and activities
on behalf of such companies;

WHEREAS uncertainties relating to indemnification increase the difficulty of
attracting and retaining such persons;

WHEREAS the Board has determined that an inability to attract and retain such
persons is detrimental to the best interests of the Company and that the Company
should act to assure such persons that there will be increased certainty of such
protection in the future;

WHEREAS, it is reasonable, prudent and necessary for the Company contractually
to obligate itself to indemnify Indemnitee to the fullest extent permitted by
Bermuda law so that Indemnitee will serve or continue to serve the Company free
from undue concern that Indemnitee will not be so indemnified; and

WHEREAS, Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that
Indemnitee be so indemnified.

NOW, THEREFORE, in consideration of the premises and the covenants contained
herein, the Company and Indemnitee do hereby covenant and agree as follows:

1.   INTERPRETATION

1.1  In this Agreement unless the context otherwise requires, the following
     words and expressions shall have the following meanings:

<TABLE>
<S>                        <C>
"Agreement"                means this Indemnification Agreement;
</TABLE>

<PAGE>

<TABLE>
<S>                        <C>
"Board"                    means the board of directors of the Company;

"Business Day"             means any day on which banks in Bermuda and New York
                           City are open for business;

"Companies Act"            means the Companies Act 1981;

"Corporate Status"         means the status of a person who is or was a
                           director, officer, employee, agent or fiduciary of
                           the Company or any other Group Company, or is or was
                           serving at the request of the Company as a director,
                           officer, employee, agent or fiduciary of any other
                           company, corporation, partnership, limited liability
                           company, joint venture, trust, employee benefit plan
                           or other entity or enterprise;

"Court"                    means the Supreme Court of Bermuda;

"Disinterested Director"   means a director of the Company who is not or was not
                           a party to a Proceeding in respect of which
                           indemnification is sought by Indemnitee;

"Group Companies"          means the Company, Holdings II and each subsidiary of
                           the Company (wherever incorporated or organized);

"Holdings II"              means RAM Holdings II Ltd., a limited liability
                           company incorporated under the laws of Bermuda and
                           its successors and assigns;

"Independent Counsel"      means a law firm or a member of a law firm that
                           neither is presently nor in the past five years has
                           been retained to represent: (i) the Company or
                           Indemnitee in any matter material to either such
                           party, or (ii) any other party to the Proceeding
                           giving rise to a claim for indemnification hereunder;
                           provided that notwithstanding the foregoing, the term
                           "Independent Counsel" shall not include any person
                           who, under the applicable standards of professional
                           conduct then prevailing, would have a conflict of
                           interest in representing either the Company or
                           Indemnitee in an action to determine Indemnitee's
                           right to indemnification under this Agreement;

"Parties"                  means the parties to this Agreement collectively, and
                           "Party" means any one of them; and
</TABLE>


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<TABLE>
<S>                        <C>
"Proceeding"               means any action, suit, arbitration, alternate
                           dispute resolution mechanism, investigation,
                           administrative hearing or any other proceeding
                           whether civil, criminal, administrative or
                           investigative and whether formal or informal.
</TABLE>

1.2  In this Agreement unless the context otherwise requires:

     1.2.1 references to statutory provisions shall be construed as references
          to those provisions as amended or re-enacted or as their application
          is modified by other provisions from time to time and shall include
          references to any provisions of which they are re-enactments (whether
          with or without modification);

     1.2.2 references to clauses and schedules are references to clauses hereof
          and schedules hereto; references to sub-clauses or paragraphs are,
          unless otherwise stated, references to sub-clauses of the clause or
          paragraphs of the schedule in which the reference appears;

     1.2.3 references to the singular shall include the plural and vice versa
          and references to the masculine shall include the feminine and/or
          neuter and vice versa; and

     1.2.4 references to persons shall include companies, partnerships,
          associations and bodies of persons, whether incorporated or
          unincorporated.

2.   SERVICE

     Indemnitee agrees to continue to serve as a director/officer of the Company
     at the will of the Company so long as Indemnitee is duly elected and
     qualified to so serve in accordance with applicable provisions of the
     Company's Memorandum of Association and Bye-laws or until such earlier time
     as Indemnitiee tenders his or her resignation in writing. This Agreement
     does not create or otherwise establish any right on the part of Indemnitee
     to be and continue to be elected or appointed a director/officer of the
     Company or any other Group Company and does not create an employment
     contract between the Company and Indemnitee.

3.   INDEMNITY OF DIRECTORS AND OFFICERS

3.1  Subject to clause 10, the Company shall indemnify Indemnitee to the fullest
     extent permitted by applicable law if Indemnitee is a party or is
     threatened to be made a party to any threatened, pending or completed
     Proceeding, including a Proceeding brought by or in the right of the
     Company, by reason of the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company or is or was serving
     at the request of the Company as a director, officer, employee, agent or
     fiduciary of any other company, corporation, partnership, limited liability
     company, joint venture, trust, employee benefit plan or other entity or
     enterprise or by reason of anything done or not done by Indemnitee in any
     such capacity against expenses (including reasonable attorneys' fees and


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     disbursements), judgments, penalties, fines and amounts paid in settlement
     (collectively "Liabilities and Expenses") actually and reasonably incurred
     by Indemnitee in connection with any such Proceeding (including, but not
     limited to, the investigation, defense, settlement or appeal thereof).

3.2  Notwithstanding any other provision of this Agreement other than clause 10,
     Indemnitee shall be indemnified against all Liabilities and Expenses
     actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in
     defending any Proceedings referred to in sub-clause 3.1 in which judgment
     is given in his favour, in which he is acquitted or in respect of which
     relief is granted to him by the Court under section 281 of the Companies
     Act.

3.3  Subject to clause 10, for the avoidance of doubt, the Company shall
     indemnify Indemnitee for such portion of the Liabilities and Expenses that
     Indemnitee becomes legally obligated to pay in connection with any
     Proceeding referred to in sub-clause 3.1 in respect of which Indemnitee is
     entitled to indemnification hereunder, even if Indemnitee is not entitled
     to indemnification hereunder for the total amount thereof.

3.4  Without limiting the scope of the indemnity provided under any other
     provision of this Agreement, if Indemnitee has reason to believe that any
     claim will or might be made against him in respect of any negligence,
     default, breach of duty or breach of trust, he may apply to the Court for
     relief pursuant to section 281 of the Companies Act and, to the extent that
     the Court relieves him, either wholly or partly, from his liability in
     accordance with section 281 of the Companies Act, Indemnitee shall be
     indemnified against any liability incurred by him in defending any
     Proceedings in accordance with paragraph 98(2)(b) of the Companies Act.

4.   INDEMNIFICATION FOR EXPENSES OF A WITNESS

     Subject to clause 10, to the extent that Indemnitee is, by reason of
     Indemnitee's Corporate Status, a witness, or otherwise a participant, in
     any Proceeding, Indemnitee shall be indemnified by the Company against all
     expenses actually and reasonably incurred by Indemnitee or on Indemnitee's
     behalf in connection therewith.

5.   DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION

5.1  Indemnitee shall request indemnification pursuant to this Agreement by
     notice in writing to the secretary of the Company. The secretary shall,
     promptly upon receipt of Indemnitee's request for indemnification, advise
     in writing the Board or such other person or persons empowered to make the
     determination as provided in sub-clause 5.2 that Indemnitee has made such
     request for indemnification. Subject to clause 10, upon making such request
     for indemnification, Indemnitee shall be presumed to be entitled to
     indemnification hereunder and the Company shall have the burden of proof in
     the making of any determination contrary to such presumption.

5.2  Upon written request by Indemnitee for indemnification pursuant to
     sub-clause 5.1, a determination shall be made by the following person or
     persons:


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     5.2.1 the Board, by a majority vote of the Disinterested Directors; or

     5.2.2 if such vote is not obtainable or, even if obtainable, if such
          Disinterested Directors so direct by majority vote, by Independent
          Counsel in a written opinion to the Board, a copy of which shall be
          delivered to Indemnitee; provided that such Independent Counsel shall
          be selected by the Indemnitee and approved by the Board; or

     5.2.3 upon failure of the Board to so select such Independent Counsel or
          failure of Indemnitee to so approve such Independent Counsel as set
          forth in sub-clause 5.2.2 above, then by a majority vote of the
          shareholders.

5.3  In any event where the determination of whether Indemnitee is entitled to
     indemnification is not made pursuant to sub-clause 5.2, then such
     determination shall be made by a single arbitrator pursuant to the rules of
     Judicial Arbitration and Mediation, Inc. ("JAMS"). Such determination of
     entitlement to indemnification shall be made not later than 60 days after
     receipt by the Company of a written request for indemnification, and such
     period shall not be extended without Indemnitee's consent, which may be
     withheld by Indemnitee at Indemnitee's sole discretion by reason of the
     initiation or pendency of any procedure provided for in sub-clause 5.2.
     Such request shall include documentation or information which is necessary
     for such determination and which is reasonably available to Indemnitee.
     Subject to clause 10, any expenses (including attorneys' fees) incurred by
     Indemnitee in connection with Indemnitee's request for indemnification
     hereunder shall be borne by the Company irrespective of the outcome of the
     determination of Indemnitee's entitlement to indemnification. If the person
     or persons making such determination shall determine that Indemnitee is
     entitled to indemnification as to part (but not all) of the application for
     indemnification, such persons may reasonably prorate such partial
     indemnification among such claims, issues or matters in respect of which
     indemnification is requested.

6.   ADVANCEMENT OF EXPENSES

     All expenses incurred by Indemnitee (including reasonable attorneys' fees,
     retainers and advances of disbursements required of Indemnitee) shall be
     paid by the Company in advance of the final disposition of any Proceeding
     at the request of Indemnitee as promptly as possible, and in any event
     within twenty days after the receipt by the Company of a statement or
     statements from Indemnitee requesting such advance or advances from time to
     time. Indemnitee's entitlement to such expenses shall include those
     incurred in connection with any Proceeding by Indemnitee seeking an
     adjudication or award in arbitration pursuant to this Agreement. Such
     statement or statements shall reasonably evidence the expenses incurred by
     Indemnitee in connection therewith and shall include or be accompanied by
     an undertaking by or on behalf of Indemnitee to repay such amount if it is
     ultimately determined that Indemnitee is not entitled to be indemnified
     against such expenses by the Company as provided by this Agreement or
     otherwise. Subject to clause 10, the Company shall have the burden of proof
     in any


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     determination under this clause 6. No amounts advanced hereunder shall be
     deemed an extension of credit by the Company to Indemnitee.

7.   REMEDIES OF INDEMNITEE IN CASES OF DETERMINATION NOT TO INDEMNIFY OR TO
     ADVANCE EXPENSES

7.1  In the event that: (a) a determination is made that Indemnitee is not
     entitled to indemnification hereunder, (b) if applicable, payment has not
     been timely made following a determination of entitlement to
     indemnification pursuant to clause 5 or (c) expenses are not advanced
     pursuant to clause 6, Indemnitee shall be entitled to apply to the Court or
     any other court of competent jurisdiction for a determination of
     Indemnitee's entitlement to such indemnification or advance.

7.2  Alternatively to sub-clause 7.1, Indemnitee, at Indemnitee's option, may
     seek an award in arbitration to be conducted by a single arbitrator
     pursuant to the rules of JAMS, such award to be made within sixty days
     following the filing of the demand for arbitration and the Company shall
     not oppose Indemnitee's right to seek any such adjudication or award in
     arbitration or any other claim; provided, however, if JAMS shall have made
     a final determination with respect to Indemnitee's entitlement to
     indemnification pursuant to sub-clause 5.3, Indemnitee shall not be
     entitled to any right to appeal such determination through JAMS or any
     other arbitration or mediation service.

7.3  A judicial Proceeding or arbitration pursuant to this clause 7 shall be
     made de novo and Indemnitee shall not be prejudiced by reason of any
     determination, if applicable, otherwise made hereunder (if so made) that
     Indemnitee is not entitled to indemnification. Subject to clause 10, if a
     determination is required under applicable law and is made pursuant to the
     terms of clause 5 that Indemnitee is entitled to indemnification, the
     Company shall be bound by such determination and is precluded from
     asserting that such determination has not been made or that the procedure
     by which such determination was made is not valid, binding and enforceable.
     If the court or arbitrator shall determine that Indemnitee is entitled to
     any indemnification hereunder, the Company shall pay all expenses
     (including reasonable attorneys' fees and disbursements) actually incurred
     by Indemnitee in connection with such adjudication or award in arbitration
     (including, but not limited to, any appellate Proceedings).

8.   OTHER RIGHTS TO INDEMNIFICATION

     The indemnification and advancement of expenses (including attorneys' fees)
     provided by this Agreement shall not be deemed exclusive of and shall be in
     addition to any other right to which Indemnitee may now or in the future be
     entitled under any provision of the Company's bye-laws, any agreement, vote
     of shareholders, the Board or Disinterested Directors, provision of law or
     otherwise; provided, however, that: (a) this Agreement supersedes any other
     agreement (other than the Bye-laws of the Company) that has been entered
     into by the Company with Indemnitee which has as its principal purpose the
     indemnification of Indemnitee (for the avoidance of doubt it is intended by
     the parties


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     that the Indemnitee shall enjoy by this Agreement the greater benefit
     afforded by either of this agreement or the bye-laws) and (b) where the
     Company may indemnify Indemnitee pursuant to either this Agreement or the
     bye-laws of the Company, the Company may indemnify Indemnitee under either
     this Agreement or the bye-laws but Indemnitee shall, in no case, be
     indemnified by the Company in respect of any expense, liability or cost of
     any type for which payment is or has been actually made to Indemnitee under
     any insurance policy, indemnity clause, bye-law or agreement, except in
     respect of any excess beyond such payment.

9.   ATTORNEYS' FEES AND OTHER EXPENSES TO ENFORCE AGREEMENT

     In the event that Indemnitee is subject to or intervenes in any Proceeding
     in which the validity or enforceability of this Agreement is at issue or
     seeks an adjudication or award in arbitration to enforce Indemnitee's
     rights under, or to recover damages for breach of, this Agreement,
     Indemnitee, if Indemnitee prevails in whole or in part in such action,
     shall be entitled to recover from the Company and shall be indemnified by
     the Company against any actual expenses for attorneys' fees and
     disbursements reasonably incurred by Indemnitee, provided that in bringing
     such action Indemnitee acted in good faith.

10.  LIMITATION OF INDEMNIFICATION

     Notwithstanding any other terms of this Agreement, nothing herein shall
     require the Company to indemnify Indemnitee against, or exempt Indemnitee
     from, any liability to the extent such liability results from Indemnitee's
     fraud or dishonesty in relation to the Company.

11.  LIABILITY INSURANCE

     To the extent the Company maintains an insurance policy or policies
     providing directors' and officers' liability insurance, Indemnitee shall be
     covered by such policy or policies, in accordance with its or their terms,
     to the maximum extent of the coverage available for any Company director or
     officer (including coverage after Indemnitee is no longer serving in a
     Corporate Status for acts and omissions occurring while Indemnitee was
     serving in a Corporate Status).

12.  DURATION OF AGREEMENT

     This Agreement shall apply with respect to Indemnitee's occupation of any
     of the position(s) described in sub-clause 3.1 of this Agreement prior to
     the date of this Agreement and with respect to all periods of such service
     after the date of this Agreement, even though Indemnitee may have ceased to
     occupy such positions(s).


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13.  NOTICE OF PROCEEDINGS BY INDEMNITEE

13.1 Indemnitee agrees promptly to notify the Company in writing upon being
     served with any summons, citation, subpoena, complaint, indictment,
     information or other document relating to any Proceeding which may be
     subject to indemnification hereunder; provided, however, that the failure
     to so notify the Company will not relieve the Company from any liability it
     may have to Indemnitee except to the extent that such failure materially
     prejudices the Company's ability to defend such claim. With respect to any
     such Proceeding as to which Indemnitee notifies the Company of the
     commencement thereof:

     13.1.1 the Company will be entitled to participate therein at its own
          expense; and

     13.1.2 except as otherwise provided below, to the extent that it may wish
          (unless the Company fails to provide Indemnitee reasonable assurance
          of the Company's financial capacity to defend such proceeding and
          provide indemnification with respect to such proceeding), the Company
          will be entitled to assume the defense thereof with counsel reasonably
          satisfactory to Indemnitee. After notice from the Company to
          Indemnitee of its election so to assume the defense thereof and after
          such approval of counsel by Indemnitee, the Company will not be liable
          to Indemnitee under this Agreement for any legal or other expenses
          subsequently incurred by Indemnitee in connection with the defense
          thereof other than reasonable costs of investigation and Indemnitee's
          reasonable costs as a participant in the Company's defense of such
          claim or as otherwise provided below. Indemnitee shall have the right
          to employ Indemnitee's own counsel in such Proceeding, but the fees
          and expenses of such counsel incurred after notice from the Company of
          its assumption of the defense thereof and after approval of counsel by
          Indemnitee as set forth above shall be at the expense of Indemnitee
          and not subject to indemnification hereunder unless (a) the employment
          of counsel by Indemnitee has been authorized by the Company, (b) in
          the reasonable opinion of Indemnitee based on advice of counsel to
          Indemnitee there is an actual or potential conflict of interest
          between the Company and Indemnitee in the conduct of the defense of
          such Proceeding or (c) the Company shall not in fact have employed
          counsel to assume the defense of such action, in each of which cases,
          subject to clause 10, the fees and expenses of counsel shall be at the
          expense of the Company.

13.2 Neither the Company nor Indemnitee shall settle any claim which may be
     subject to indemnification hereunder without the prior written consent of
     the other (which shall not be unreasonably withheld).

14.  NOTICES

     Any notice required to be given hereunder shall be in writing in the
     English language and shall be served by sending the same by registered
     mail, facsimile or by delivering the


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     same by hand to the address of the Party or Parties in question as set out
     below (or such other address as such Party or Parties shall notify the
     other Parties of in accordance with this clause). Any notice sent by
     registered mail as provided in this clause shall be deemed to have been
     served three Business Days after dispatch and any notice sent by facsimile
     as provided in this clause shall be deemed to have been served at the time
     of dispatch and in proving the service of the same it will be sufficient to
     prove in the case of a letter that such letter was properly stamped,
     addressed and placed in the mail for collection; and in the case of a
     facsimile that such facsimile was duly dispatched to a current facsimile
     number of the addressee.

     To the Company:

     RAM Holdings Ltd.
     RAM Re House
     46 Reid Street
     Hamilton HM 12
     Bermuda

     Attn: General Counsel and Secretary

     Fax: 441-296-6509

     Indemnitee:

     Name: __________________________

     Address: _______________________

     Fax: ___________________________

15.  MISCELLANEOUS

15.1 Notwithstanding the expiration or termination of this Agreement howsoever
     arising, such expiration or termination shall not operate to affect such of
     the provisions hereof as are expressed or intended to remain in full force
     and effect.

15.2 If any of the clauses, conditions, covenants or restrictions of this
     Agreement or any deed or document emanating from it shall be found by a
     court of competent jurisdiction or by a duly appointed arbitrator to be
     void but would be valid if some part thereof were deleted or modified, then
     such clause, condition, covenant or restriction shall apply with such
     deletion or modification as may be necessary to make it valid and effective
     so as to give effect as nearly as possible to the intent manifested by such
     clause, condition, covenant or restriction.


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15.3 This Agreement shall be binding upon the Company and its successors and
     assigns (including any transferee of all or substantially all of its assets
     and any successor or resulting company by merger, amalgamation or operation
     of law) and shall inure to the benefit of Indemnitee and Indemnitee's
     spouse, assigns, heirs, estate, devises, executors, administrators or other
     legal representatives.

15.4 This Agreement (together with any documents referred to herein) constitutes
     the whole agreement between the Parties relating to its subject matter and
     supersedes any prior arrangement (other than the Bye-laws of the Company)
     that has been entered into by the Company in favor of the Indemnitee that
     has as its principal purpose the indemnification of the Indemnitee by the
     Company.

15.5 No provision in this Agreement may be amended unless such amendment is
     agreed to in writing, signed by Indemnitee and by a duly authorized officer
     of the Company. No waiver by either Party of any breach by the other Party
     of any condition or provision of this Agreement to be performed by such
     other Party shall be deemed a waiver of a similar or dissimilar condition
     or provision at the same or any prior or subsequent time. Any waiver must
     be in writing and signed by Indemnitee or a duly authorized officer of the
     Company, as the case may be.

15.6 The headings in this Agreement are inserted for convenience only and shall
     not affect the construction of this Agreement.

15.7 This Agreement may be executed in counterparts, each of which when executed
     and delivered shall constitute an original but all such counterparts
     together shall constitute one and the same instrument.

15.8 The terms and conditions of this Agreement and the rights of the Parties
     hereunder shall be governed by and construed in all respects in accordance
     with the laws of the Islands of Bermuda. The Parties to this Agreement
     hereby irrevocably agree that the courts of Bermuda shall have
     non-exclusive jurisdiction in respect of any dispute, suit, action,
     arbitration or Proceedings ("Agreement Proceedings"), which may arise out
     of or in connection with this Agreement and waive any objection to
     Agreement Proceedings in the courts of Bermuda on the grounds of venue or
     on the basis that the Agreement Proceedings have been brought in an
     inconvenient forum.


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     IN WITNESS WHEREOF, the undersigned, intending to be bound hereby, have
duly executed this Agreement as of the date first written above.

In witness whereof the common       )
seal of the COMPANY was             )   ----------------------------------------
affixed hereto in the presence of   )   Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


SIGNED by                           )
INDEMNITEE                          )   ----------------------------------------
in the presence of:                 )   Name:
                                              ----------------------------------

Witness:
         ----------------------------
Name:
      -------------------------------


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