Bermuda P&I Class Rules 2001/2002 - The Standard Club

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10.4 Where the entry of a ship in the Club is in the name of or on behalf of
a time charterer the Member shall be under an obligation to notify the
Club of the date of redelivery of the ship or other termination of the
time charter.The Member will remain liable for the payment of
premiums or Calls in respect of each ship entered until the date of
redelivery or other termination provided always that if the said
notification to the Club is more than one month after the redelivery or
termination then the Member shall be liable to pay Calls up to the date
of notification unless the Board in its discretion otherwise decides.
Note:Attention is drawn to the obligations set out in Rule 21.4.
Cessation of insurance and cancellation
11.1 A Member shall cease to be insured by the Club in respect of any and all
ships entered by him upon the happening of any of the following events:
(i) if, being an individual, upon his death or if a receiving order is made
against him or if he shall become bankrupt or make any composition or
arrangement with his creditors generally or if he shall become incapable
by reason of mental disorder of managing and administering his property
and affairs;
(ii) if, being a corporation, upon the passing of any resolution for voluntary
winding-up or upon an order being made for compulsory winding-up
or upon dissolution or upon a receiver or manager of all or any part of
the corporation’s business or undertaking being appointed or upon
possession being taken by or on behalf of the holders of any debentures
secured by a floating charge on any property comprised in or subject to
the charge;
(iii) if he ceases to have any ship entered for insurance in the Club.
11.2 A Member shall cease to be insured by the Club in respect of any ship
entered by him upon the happening of any of the following events in
relation to such ship:
(i) if the Member shall part with or assign the whole or any part of his
interest in the entered ship whether by bill of sale or other formal
document or otherwise, or shall cease to have an interest in the entered
ship, unless the Managers shall have consented to such parting with or
assignment or cessation of interest and to an assignment of the relevant
insurance by the Club pursuant to Rule 5.1.4.1. hereof;
. (ii) if the entered ship shall become an actual or constructive total loss or