Document:

<PAGE>
                                                                   Exhibit 10.5

                REVOLVING LINE OF CREDIT MASTER PROMISSORY NOTE

$7,000,000.00                                                    August 15, 2002

     FOR VALUE RECEIVED, the undersigned, BANKERS INSURANCE GROUP, INC. a
Florida corporation (herein, "BIG") and BANKERS UNDERWRITERS, INC., a Florida
corporation (herein, "BUI") (BIG and BUI herein, collectively, "Debtor") jointly
and severally promise to pay to the order of INSURANCE MANAGEMENT SOLUTIONS
GROUP, INC., a Florida corporation, together with any other holder hereof
(herein, "Holder"), the principal sum of Seven Million and No/100 dollars
($7,000,000.00), together with interest thereon from the date hereon at a rate
equal to ten and 75/100 percent (10.75%) per anum, both principal and interest
being payable at Holder's place of business, 360 Central Avenue, St. Petersburg,
Florida 33701, or at such other places as Holder may designate from time to
time, in the following manner:

       Commencing on the first day of September 2002, all accrued and unpaid
       interest shall be due and payable, which shall also be paid on the first
       day of each calendar month thereafter (herein, "Payment Date"). All
       unpaid principal and interest shall be due and payable in full on the
       earlier of: (i) July 31st, 2003; or (ii) the date exactly ninety (90)
       days (or the next business day thereafter) following receipt by Debtor
       of written notice from Holder demanding repayment in full of this Note
       (a "Demand"), which Demand can only be made by Holder at any time
       following the occurrence of a Demand Event (as that term is defined
       below).

For purposes of this Note:

(a)  the term "Demand Event" shall mean:

     (i)   the expiration of an Offer (as that term is defined in the Merger
     Agreement) without any Shares (as that term is defined in the Merger
     Agreement) owned by Public Shareholders (as that term is defined in the
     Merger Agreement) being purchased pursuant to the Offer;

     (ii)  if the Holder shall not have then purchased Shares owned by the
     Public Shareholders pursuant to an Offer, the later of: (A) December 31,
     2002 or (B) such later date on which the Offer is terminated by Holder if
     the Offer is extended beyond December 31, 2002 by Holder;

     (iii) the date of any breach of the Merger Agreement by Debtor or its
     Affiliates;

     (iv)  the date of the termination or expiration of the Merger Agreement.

(b)  the term "Merger Agreement" shall mean that certain Agreement and Plan of
Merger by and Among BIG, Bankers Insurance Company ("BIC"), Bankers Security
Insurance Company ("BSIC"), Bankers Management Corporation and the Holder of
even date herewith.

Events of Default. The above notwithstanding, all principal and accrued but
unpaid interest shall become immediately due and payable by Debtor in any of
the following events:

<PAGE>
     (i)       An uncured default by Debtor under this Note or the Credit and
Security Agreement of even date herewith (the "Credit Agreement");

     (ii)      An uncured default by Debtor under that certain Collateral
Assignment of Flood Book of even date herewith (the "Collateral Assignment"); or

     (iii)     An uncured default by BIG, BIC or BSIC under the Merger
Agreement.

Credit and Security Agreement.  Unless the context shall otherwise require,
capitalized terms not defined herein shall have the meanings assigned thereto in
the Credit Agreement.

Master Note.  This Note is a master note, and it is contemplated that any
amounts evidenced hereby will be advanced from time to time to the Debtor by
Holder in installments, as requested from time to time by the Debtor to the
Holder.

Advances.  It is further contemplated that any amounts advanced under this Note
may be prepaid from time to time by the Debtor. Debtor may receive advances
hereunder at any time, up to a maximum aggregate amount outstanding at any one
time equal to the principal amount of this Note, provided that: (i) Debtor is
not in default under any provision of this Note, the Credit Agreement, or any
other documents executed in connection with this Note or the Credit Agreement,
or any other note or other loan documents now or hereafter executed in
connection with any other obligation of Debtor to Holder; (ii) Debtor is not in
default with respect to its obligations under that certain Collateral
Assignment; and (iii) neither Debtor, BIC, nor BSIC is in default with respect
to their obligations under the Merger Agreement. By reason of such prepayments
hereon there may be times when no indebtedness is owing hereunder, and
notwithstanding any such occurrence, this Note shall remain valid and shall be
in full force and effect as to each subsequent principal advance made hereunder.
Each principal advance and each payment made pursuant to this Note shall be
reflected by notations made by Holder on the grid attached hereto as Schedule
"A", and Holder is hereby authorized to record on such grid all such principal
advances and payments. The aggregate unpaid amounts reflected by the notations
made by Holder on the attached grid shall be deemed rebuttably presumptive
evidence of the principal amount remaining outstanding and unpaid on this Note.
No failure of Holder so to record any advance or payment shall limit or
otherwise affect the obligation of the Debtor hereunder with respect to any
advance, and no payment of principal by the Debtor shall be affected by the
failure of Holder so to record the same.

Advance Obligations.  All advances to be made hereunder shall be made at the
option of Debtor, by providing written notice to Holder of the amount of a
proposed advance. This Note shall be valid and enforceable as to the aggregate
amount advanced at any time hereunder, whether or not the full face amount
hereof is advanced.

Application of Payments.  Each payment on the indebtedness evidenced hereby will
first reduce charges related to this Note owed by the Debtor that are neither
principal nor interest. The remainder of each such payment will be applied first
to the interest then accrued on said principal sum remaining unpaid, and then to
the reduction of such unpaid principal. Principal and interest shall be payable
in lawful money of the United States of America.

--------------------------------------------------------------------------------

                                     2 of 7

<PAGE>
Prepayment. The Debtor hereof shall not incur any penalty upon the prepayment
of all or any part of the indebtedness evidenced hereby.

Interest Calculation. Interest shall be calculated on all amounts advanced
based on the actual number of days said amounts are outstanding. Interest shall
be computed on the basis of a year of actual number of days per year [i.e.
three-hundred-sixty-five (365) days] and charged for the actual number of days
in the payment period.

Maximum Rate. Debtor shall have no obligation to pay interest or payments in the
nature of interest in excess of the maximum rate of interest allowed to be
contracted for by law, as changed from time to time, applicable to this Note
(herein, "Maximum Rate"). Any interest in excess of the Maximum Rate paid by
Debtor (herein, "Excess Sum") shall be credited as a payment of principal, or,
if Debtor so requests in writing, returned to Debtor, or, if the indebtedness
and other obligations evidenced by this Note have been paid in full, returned to
Debtor together with interest at the same rate as was paid by Debtor during such
period. Any Excess Sum credited to principal shall be credited as of the date
paid to Holder. Holder may, without such action constituting a breach of any
obligations to Debtor, seek judicial determination of the applicable rate of
interest, and its obligation to pay or credit any proposed Excess Sum to Debtor.

Collateral. The obligations under this Note and the Collateral Assignment are
secured by and subject to the terms and conditions of the Credit Agreement and
various other loan documents of even date herewith executed by and between
Debtor and Holder, respectively.

Past Due. Time is of the essence hereunder. If any payment hereby required is
overdue for more than five (5) days, the Holder of this Note may, at its
option, and without notice, declare the entire balance of principal then
remaining unpaid to be immediately due and payable, and any failure to exercise
said option shall not constitute a waiver of the right to exercise the same at
any other time. Further, upon an Event of Default, Holder of this Note may, at
its option, and without notice, adjust the interest due on the aggregate
principal amount remaining due and unpaid, together with accrued interest,
upward, to the rate of eighteen (18.0%) per centum per annum, or the Maximum
Rate of interest permitted by law, whichever rate shall be the lesser, which
rate of interest, as adjusted upward, shall be paid on all sums due hereunder
until the said sums have been paid in full, regardless of any payments made by
the maker hereof, and accepted by the Holder, after said option has been
exercised. Upon default in making any payment hereby required, Debtor promises
to pay all costs and expenses, including reasonable attorney's fees (including
the cost of any appeals), incurred in collecting this Note by legal proceedings
or through an attorney.

Remedies. The remedies of Holder herein and in the Credit and Security
Agreement shall be cumulative and concurrent, and may be pursued singularly,
successively, or together, at the sole discretion of Holder, and may be
exercised as often as occasion therefor shall arise. No action or omission of
Holder, including specifically any failure to exercise or forbearance in the
exercise of any remedy, shall be deemed to be a waiver or release of the same,
such waiver or release to be effected only through a written document executed
by Holder and then only to the extent specifically recited therein. A waiver or
release with reference to any one event shall not be construed as continuing or
as constituting a course of dealing, nor shall it be construed as a bar to, or
as a waiver or release of, any subsequent remedy as to a subsequent event.

                                     3 of 7
<PAGE>
Set-Off. In addition to all liens upon, and rights of set-off against, any
monies, securities, or other property of any of the Debtor given to Holder by
law, Holder shall have a lien upon and a right of set-off against all monies,
securities and other property of any of the Debtor now or hereafter in the
possession of, or on deposit with, Holder, whether held in a general or special
account or deposit, for safekeeping, in trust or otherwise, and every such lien
and right of set-off as may be exercised without demand upon or notice to any
Debtor, and the Holder shall have no liability with respect to any of Debtor's
checks or other items which may be returned or other funds transfers which may
not be made due to insufficient funds thereafter.

Exercise/Modification. Neither any failure nor any delay on the part of Holder
in exercising any right, power, or privilege under this Note shall operate as a
waiver thereof, nor shall a single or partial exercise thereof preclude any
other or further exercise or the exercise of any other right, power, or
privilege. No modification, amendment, or waiver of any provisions of this Note
shall be effective unless in writing and signed by a duly authorized officer of
Holder, and then the same shall be effective only in the specific instance and
for the purpose for which given. No notice to, or demand on, any Debtor in any
case shall entitle any Debtor to any other or further notice or demand in the
same, similar, or other circumstances.

Severability. Any provision of this Note which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof or affecting the validity or enforceability of such provision
in any other jurisdiction.

Waiver. Debtor and any other person liable for the payment hereof respectively,
hereby expressly waive any valuation and appraisal, presentment, demand for
payment, notice of dishonor, protest, notice of nonpayment or protest, all other
forms of notice whatsoever, except as set forth herein, and diligence in
collection.

No Waiver. Acceptance of payments marked "payment in full" or "in satisfaction"
or words to similar effect shall not affect the duty of Debtor to pay all
obligations due hereunder, and shall not affect the right of Holder to pursue
all remedies available to it hereunder or under any other agreement between the
Debtor hereof and the Holder, including but not limited to that certain Credit
and Security Agreement of even date herewith.

Jury Trial. DEBTOR AND ANY OTHER PERSON LIABLE FOR PAYMENT HEREOF, BY EXECUTING
THIS NOTE OR ANY OTHER DOCUMENT CREATING SUCH LIABILITY, WAIVE THEIR RIGHTS TO A
TRIAL BY JURY IN ANY ACTION, WHETHER ARISING IN CONTRACT OR TORT, BY STATUTE OR
OTHERWISE, IN ANY WAY RELATED TO THIS NOTE. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR HOLDER'S EXTENDING CREDIT TO DEBTOR AND NO WAIVER OR LIMITATION
OF HOLDER'S RIGHTS UNDER THIS PARAGRAPH SHALL BE EFFECTIVE UNLESS IN WRITING AND
MANUALLY SIGNED ON HOLDER'S BEHALF.

Jury Trial Consideration. Debtor acknowledge that the above paragraph has been
expressly bargained for by Holder as part of the loan evidenced hereby and that,
but for Debtor's agreement and the agreement of any other person liable for
payment hereof thereto, Holder would not have extended the loan for the term and
with the interest rate provided herein.

                                     4 of 7
<PAGE>
Binding. The provisions of this Notes shall be binding upon the heirs,
successors, and assigns of Debtor, except that Debtor may not assign or
transfer its obligation hereunder without the written consent of Holder, and
shall inure to the benefit of Holder, its successors, and assigns.

Governing Law. This Note is to be governed by and construed under the laws of,
the State of Florida, without regard to choice of law provisions as amended,
except as modified by the laws and regulations of the United States of America.

Venue. Debtor hereby consents and submits to the jurisdiction of the courts of
the State of Florida, and, notwithstanding his, her, their, or its place of
residence or organization or the place of execution of this Note, any
litigation relating hereto, whether arising in contract or tort, by statute or
otherwise, shall be brought in (and, if brought elsewhere, may be transferred
to) a State court of competent jurisdiction in Pinellas County, Florida.

Paragraph Headings; Gender and Number. The headings inserted at the beginning
of each paragraph are for convenience of reference only and shall not limit or
otherwise affect or be used in the construction of any of the terms or
provisions hereof. The plural shall include the singular and the singular, the
plural, wherever the context so admits. The masculine shall include the
feminine and the neuter; the feminine, the masculine and the neuter; and the
neuter, the masculine and the feminine.

Documentary Stamp. This instrument was made, executed and delivered outside the
State of Florida, and no Florida Documentary Stamp Tax is due hereon in
accordance with F.A.C. 12B-4.053(33).

Notices. Any and all notices, designations, consents, offers, acceptances, or
any other communication provided for herein shall be given in writing by hand
delivery, by overnight carrier, by registered or certified mail or by facsimile
transmission and shall be addressed as follows:

          As to Borrower:          Bankers Insurance Group, Inc.
                                   360 Central Avenue, 17th Floor
                                   St. Petersburg, Florida 33701
                                   Att: David B. Snyder
                                   Telephone: (727) 823-4000
                                   Telefax: (727) 823-6518

                                   and

                                   Bankers Underwriters, Inc.
                                   360 Central Avenue, 17th Floor
                                   St. Petersburg, Florida 33701
                                   Att: David B. Snyder
                                   Telephone: (727) 823-4000
                                   Telefax: (727) 823-6518

          As to Lender:            Insurance Management Solutions Group, Inc.
                                   360 Central Avenue, 16th Floor
                                   St. Petersburg, Florida 33701
                                   Att: David Howard, President
                                   Tel#: (727) 803-2040
                                   Fax: (727) 803-4093

                                     5 of 7
<PAGE>
     IN WITNESS WHEREOF, Debtor has caused this Note to be signed, sealed and
delivered in its name on the day and year first above written.

                                        DEBTOR:

                                        BANKERS INSURANCE GROUP, INC.
                                        a Florida corporation

                                        By: /s/ David B. Snyder
                                            -----------------------------
                                                  Its Vice President &
                                                      Assistant Secretary
                                                  (CORPORATE SEAL)

                                        and

                                        BANKERS UNDERWRITERS, INC.
                                        a Florida corporation

                                        By: /s/ David B. Snyder
                                            -----------------------------
                                                  Its Vice President &
                                                      Assistant Secretary
                                                  (CORPORATE SEAL)

                                     6 of 7
<PAGE>
                                  SCHEDULE "A"
                             MASTER PROMISSORY NOTE

                            Debtor: Bankers Insurance Group, Inc. and
                                    Bankers Underwriters, Inc.

                            Holder: Insurance Management Solutions Group, Inc.

                      Project Name: Revolving Line of Credit

                   Original Amount: $7,000,000.00

                             As of: 8/15/02

<Table>
<Caption>
                                                                           AMOUNT                                     NET
        MONTH                                AMOUNT                  OF PRINCIPAL          OUTSTANDING          AVAILABLE
       ENDING                           OF ADVANCES                     REPAYMENT              BALANCE             AMOUNT
--------------------------------------------------------------------------------------------------------------------------
<S>                               <C>                              <C>                <C>                <C>
Original Amount                                                                        $7,000,000.00      $7,000,000.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
                                   $0.00                            $0.00              $7,000,000.00              $0.00
</TABLE>

                                     7 of 7<PAGE>
                                                                   Exhibit 10.6

                      COLLATERAL ASSIGNMENT OF FLOOD BOOK

THIS COLLATERAL ASSIGNMENT OF FLOOD BOOK (herein, "Assignment") is made
effective this 15 day of August, 2002 by BANKERS UNDERWRITERS, INC., A FLORIDA
CORPORATION (herein, "Pledgor"), in favor of INSURANCE MANAGEMENT SOLUTIONS
GROUP, INC., A FLORIDA CORPORATION (herein, "Lender").

                                   RECITALS:

WHEREAS, Lender has its principal place of business located in St. Petersburg,
Florida, and has established a revolving line of credit (collectively, with the
Note and Loan Documents, as defined herein, the "Credit Line") in favor of
Bankers Insurance Group, Inc., a Florida corporation (herein, "BIG") and
Pledgor (BIG and Pledgor herein, collectively, "Borrower"), in the amount of
seven million and no/100 dollar ($7,000,000.00), as evidenced by Borrower's
Revolving Line of Credit Master Promissory Note (herein, "Note") of even date
herewith and in like principal amount; and

WHEREAS, Pledgor, Bankers Insurance Company, a Florida corporation (herein,
"BIC"), and First Community Insurance Company, a Florida corporation (herein,
"FCIC") are each wholly-owned subsidiaries of BIG; and

WHEREAS, in connection with the establishment of the Credit Line, Borrower has
executed and delivered various applicable documents, all dated of even date
herewith (collectively together with this Assignment, the "Loan Documents")
including, but not limited to, the Note, Credit and Security Agreement, UCC-1
Financing Statement, and Further Assurances Agreement; and

WHEREAS, Pledgor, as a Florida general insurance agent serving both BIC and
FCIC, is the owner of a significant flood book of business (inclusive of all
agency agreements pertaining thereto herein, "Flood Book") consisting of in
excess of 350,000 flood insurance policies on properties located in various
states of the United States, which Flood Book is more particularly described on
Exhibit "A" attached hereto; and

WHEREAS, as a condition precedent to establishing the Credit Line, Lender has
required the execution of this Assignment;

NOW, THEREFORE, in consideration of the aforesaid Credit Line, as well as for
other good and valuable consideration, Pledgor hereby assigns the Flood Book to
Lender as collateral security for the repayment of all sums advanced on the
Credit Line and for the performance by Borrower of all covenants and agreements
under the Loan Documents, in accordance with the following terms and conditions:

     SECTION 1.  RECITALS.

          The statements contained in the recitals of fact set forth above
          (herein, "Recitals") are true and correct, and the Recitals by this
          reference are made a part of this Assignment.

     SECTION 2.  EXHIBITS.

          The exhibits attached to this Assignment are by this reference made a
          part of this Assignment.

                                     1 of 7

<PAGE>
SECTION 3. TERM OF ASSIGNMENT.

     a) This Assignment shall be effective upon the date set forth hereinabove.

     b) This Assignment shall continue in full force and effect until Borrower
        shall have satisfied in full all of its obligations to Lender under the
        Note and other Loan Documents.

SECTION 4. POWER OF ATTORNEY.

     a) Appointment.

          1) Until such time as the Credit Line has been paid in full or upon
             consent by Lender otherwise, and except as provided below, Pledgor
             irrevocably nominates, constitutes and appoints Lender its true and
             lawful attorney in fact, with full power of substitution and
             revocation for it, in its name, place and stead and either in the
             name of Lender or in the name of Pledgor to assign any agency
             agreements between Pledgor and agents responsible for the
             production of federal flood insurance policies as well as any other
             instruments, agreements, or certificates necessary or appropriate
             to give full force an effect to such assignment which assignment
             may be to Lender, to BIC, to FCIC, or to such other party as Lender
             may select, but Lender shall not be under any duty to exercise any
             such authority or power or in any way be responsible for the
             collection of any sums owing under the Flood Book (herein, "Power
             of Attorney").

          2) All rights, powers, and authority of said attorney-in-fact to
             exercise any and all rights and powers herein granted shall
             commence and be in full force and effect as of the date of this
             Assignment and such rights, powers, and authority shall remain in
             full force and effect thereafter until the termination of this
             Assignment.

     b) Limitation. Notwithstanding the foregoing or anything contained in this
        Assignment to the contrary, Lender shall not exercise its rights under
        this Power of Attorney or under this Agreement until an Event of Default
        (as defined below) occurs hereunder.

     c) Power. The Power of Attorney set forth herein is a power coupled with an
        interest.

SECTION 5. AFFIRMATIVE COVENANTS
     Pledgor hereby covenants with Lender that:

               (i) for so long as any amount remains outstanding under the
                   Credit Line; and

               (ii) unless Lender notifies Pledgor in writing it dispenses with
                    any one (1) or more of the requirements contained in the
                    Loan Documents,

     Pledgor shall keep the Flood Book free from any and all liens,
     encumbrances, and security interests, and shall pay and discharge when due
     all taxes, levies, and other charges upon them and defend them against all
     claims of any person.

SECTION 6. REPRESENTATIONS AND WARRANTIES.

     a) Pledgor hereby represents and warrants to Lender that:

          1) it is the lawful owner and holder of the entire interest in the
             Flood Book described above;

          2) it has good right to sell, transfer and assign the same as
             aforesaid;

                                     2 of 7

<PAGE>

  3)  there are no actions, suits, or proceedings pending or, to the best of
      Pledgor's knowledge and belief, threatened against or affecting it whether
      civil, criminal, administrative, or investigative, and it is not in
      default with respect to any judgment, decision, order, writ, injunction,
      decree, or demand of any court or governmental authority;

  4)  the consummation of the transactions hereby contemplated in performance of
      this Assignment or of any of the Loan Documents will not result in any
      breach of, or constitute a default under any mortgage, deed of trust,
      lien, bank loan or credit agreement, corporate charter or by-law, or other
      instrument to which Pledgor is a party, or by which it is bound or
      affected;

  5)  it is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Florida;

  6)  it has the lawful power to own its properties and to engage in the
      business it conducts;

  7)  it is duly qualified and in good standing as a foreign corporation in the
      jurisdictions wherein the nature of the business transacted by it or
      property owned by it make such qualification necessary;

  8)  the execution of this Assignment and the consummation of the transactions
      contemplated herein, and the performance of this Assignment and the Loan
      Documents, will not result in a breach or violation of any law,
      regulation, ordinance, order, judgment or decree applicable to Pledgor or
      any affiliate of Pledgor;

  9)  as of the date hereof, and subject to the ordinary course of Pledgor's
      business, Pledgor has no knowledge of circumstances or events that will
      cause or is likely to cause any material adverse decline in the number of
      flood insurance policies which constitute the Flood Book, or any material
      adverse decline in the value of the Flood Book;

 10)  no affiliate of BIG owns or conducts any flood book of business, except
      for a nominal portion of flood book business written by Bankers Security
      Insurance Company and First Community Insurance Company; and

 11)  by means of this Assignment, Pledgor had granted Lender a first priority
      security interest in the Pledgor's entire interest in the Flood Book.

 b) All of the representations and warranties set forth in this Section 6 shall
    survive until all sums due under the Credit Line are satisfied in full.

SECTION 7. EVENTS OF DEFAULT

 a) The term "Event of Default" shall mean:

    1) Any breach by Pledgor of any of the terms of this Assignment; or

    2) The breach or the occurrence of any event of default by Borrower, or any
       affiliate of Borrower, under any of the Loan Documents.

SECTION 8. MISCELLANEOUS

 a) Further Assurances. From time to time, Pledgor will execute and deliver to
    Lender such additional documents and will provide such additional
    information as Lender may reasonably require to carry out the terms of this
    Assignment and be informed of Pledgor's status and affairs.

                                     3 of 7

<PAGE>

 b) Payment. The Pledgor agrees that as long as the Note is in full force and
    effect, it will make all payments, when due, by check duly mailed or
    delivered to Lender at the address indicated in the Notice section of this
    Assignment, or at such other place as Lender may designate to the Pledgor in
    writing, notwithstanding any contrary provisions herein or in Note with
    respect to the place of payment.

 c) Survival of Representations and Warranties. All representations and
    warranties contained herein or made in writing by the Pledgor in connection
    herewith shall survive the execution and delivery of this Assignment and of
    the Note.

 d) Successors and Assigns. Pledgor may not assign its rights or obligations
    hereunder without the prior written consent of Lender, except that Pledgor
    may assign all or a portion of its rights and obligations hereunder to BIG,
    but only in conjunction with an assignment to BIG of a corresponding portion
    of Pledgor's interest in the Flood Book in such a manner that Lender shall
    maintain its first priority security interest in the entirety of the Flood
    Book whether then owned by BUI or BIG (provided, however, that BUI shall
    first serve notice of its intent to make such an assignment to BIG and shall
    not effect such assignment until Lender shall have completed such acts as
    Lender shall believe reasonably necessary to maintain its first priority
    security interest in the entirety of the Flood Book). All covenants and
    agreements in this Assignment contained by or on behalf of the parties
    hereto shall bind and inure to the benefit of the respective successors and
    assigns of the parties hereto whether so expressed or not.

 e) Waiver by Lender. Lender shall have the right at all times to enforce the
    provisions of this Assignment and any other Loan Documents executed pursuant
    hereto in strict accordance with the terms hereof and thereof,
    notwithstanding any conduct or custom on the part of Lender in refraining
    from so doing at any time or times. The failure of Lender at any time or
    times to enforce its rights under such provisions, strictly in accordance
    with the same, shall not be construed as having created a custom in any way
    or manner contrary to specific provisions of this Assignment or as having in
    any way or manner modified or waived the same. All rights and remedies of
    Lender are cumulative and concurrent and the exercise of one right or remedy
    shall not be deemed a waiver or release of any other right or remedy.

 f) Inspect Records. Lender (or any person or persons designated by it) shall,
    in its sole discretion, have the right to call at any place of business of
    Pledgor at any reasonable time, and without hindrance or delay, inspect,
    audit, check and make extracts from Pledgor's books, records, journals,
    orders, receipts and any correspondence and other data relating to
    Collateral, to Pledgor's business or any other transactions between the
    Parties hereto.

 g) Costs/Expenses. All reasonable costs and expenses of the Credit Line shall
    be paid by Pledgor, including but not limited to, out-of-pocket expenses for
    payment of recording and filing fees, legal fees and expenses of counsel
    appointed by the Lender, together with any interest and penalties for the
    late payment thereof, all of which amounts shall be payable at the time of
    the execution of this Assignment or upon demand in the event they are
    hereafter incurred.

 h) Attorney's Fees. If either of the parties hereto should bring a Court action
    alleging breach of this Assignment or seeking to enforce, rescind, renounce,
    declare void or terminate this Assignment or any provisions thereof, the
    prevailing party shall be entitled to recover all of its legal expenses,
    including reasonable attorney's fees and costs (including legal expenses for
    any appeals taken),

                                     4 of 7
<PAGE>
        and to have the same awarded as part of the judgment in the proceeding
        in which such legal expenses and attorney's fees were incurred.

     i) INTENTIONALLY DELETED.

     j) Captions. The paragraph contains captions as to contents of the
        particular paragraphs herein are inserted only for convenience and are
        in no way to be construed as part of this Assignment or as a limitation
        of the scope of the particular paragraph in which they are referred.

     k) Construction of Assignment. Words of a gender used in this Assignment
        shall be held to include any other gender, the words in a singular
        number held to include the plural, when the sentence so requires.

     l) Counterparts. This Assignment may be executed in several counterparts,
        each of which so executed shall be deemed to be an original, and said
        counterparts shall together constitute and be one and the same
        instrument.

     m) Entire Assignment. This Assignment contains all of the oral and/or
        previously written agreements, representations, and arrangements
        between the parties hereto, and all right which the respective Parties
        may have had under any written agreements and/or oral agreements are
        hereby canceled and terminated, and all parties agree that there are no
        representations or warranties other than those set forth herein.

     n) Invalidation. Should any part of this Assignment for any reason be
        declared invalid, such decision shall not effect the validity of any
        remaining portion, which remaining portion shall remain in full force
        and effect as if this Assignment had been executed with the invalid
        portion thereof eliminated. It is, therefore, declared the intention of
        the parties hereto that each of them will have executed the remaining
        portion of this Assignment without including therein any such part,
        parts or portion which may, for any reason, be hereafter declared void.

     o) Modification. No change or modification of this Assignment shall be
        valid unless the same shall be in writing and signed by all of the
        Parties hereto.

     p) Notices. Any and all notices, designations, consents, offers,
        acceptances, or any other communication provided for herein shall be
        given in writing by hand delivery, by overnight carrier, by registered
        or certified mail or by facsimile transmission and shall be addressed
        as follows:

               As to Pledgor:      Bankers Underwriters, Inc.
                                   360 Central Avenue, 17th Floor
                                   St. Petersburg, Florida 33701
                                   Att: David B. Snyder
                                   Telephone: (727) 823-4000
                                   Telefax: (727) 823-6518

               As to Lender:       Insurance Management Solutions Group, Inc.
                                   360 Central Avenue, 16th Floor
                                   St. Petersburg, Florida 33701
                                   Att: David Howard, President

                                     5 of 7

<PAGE>
                              Tel#: (727) 803-2040
                              Fax: (727) 803-4093

          Notices sent by hand delivery shall be deemed effective on the date of
          hand delivery. Notices being sent by overnight carrier shall be deemed
          effective on the next business day after being placed into the hands
          of the overnight carrier. Notices sent by registered or certified mail
          shall be deemed effective on the third business day after being
          deposited into the post office. Notices sent by facsimile transmission
          shall be deemed to be effective on day when sent if sent prior to 5:00
          p.m. (the time being determined by the time zone of the recipient)
          otherwise they shall be deemed effective on the next business day.

       q) Representation Acknowledged.  The parties acknowledge that each party
          and its counsel have reviewed and revised this Assignment and that the
          normal rules of construction to the effect that any ambiguities are to
          be resolved against the drafting party shall not be employed in the
          interpretation of this Assignment or any amendments or exhibits
          hereto.

       r) Applicable Law/Venue.  This Assignment shall be construed in
          accordance with and governed by the laws of the State of Florida,
          without regard to choice of law provisions. Further, the venue for any
          action brought to enforce any of the provisions hereof shall be in a
          state court of competent jurisdiction in Pinellas County, Florida and
          any action commenced in any other forum may be removed to a state
          court of competent jurisdiction in Pinellas County, Florida.

IN WITNESS WHEREOF, the Parties hereto have set their hands and seals, the day
and year first above written.

"Pledgor"

BANKERS UNDERWRITERS, INC.,
a Florida corporation

By: /s/ David B. Snyder
    -----------------------
    Its Vice President
    Assistant Secretary
    (CORPORATE SEAL)

"Lender"

INSURANCE MANAGEMENT SOLUTIONS
GROUP, INC. a Florida corporation

By: /s/ D. M. Howard
    -----------------------
    Its President/CEO
    (CORPORATE SEAL)

                                     6 of 7
<PAGE>
                                  EXHIBIT "A"

                           DESCRIPTION OF COLLATERAL

     All of Pledgor's right, title and interest in and to all of the following
described Collateral, wherever located, and whether now owned or hereafter
acquired, together with all replacements therefor and proceeds (including but
without limitation, insurance policies) thereof:

                                         DESCRIPTION
                                            OF
              PLEDGOR                    COLLATERAL
------------------------------------------------------------------------------
Bankers Underwriters, Inc., a      All accounts and contract rights (as those
Florida corporation                terms are defined by the Uniform Commercial
                                   Code as adopted by the State of Florida)
                                   with insurance agents, including but not
                                   limited to general agency agreements with
                                   respect to the sale of federal flood
                                   insurance.

                                     7 of 7

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