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

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Release percentage, the Managers may prepare an amended Release; and
in such case, if the Member has not elected to pay further contributions
as they fall due and has not paid the original Release within such time as
may be specified by the Managers in paragraph 2 above, the amended
Release shall supersede the original Release and shall be immediately
payable. If the Member has elected to pay further contributions as they
fall due, the Member shall provide within such time as may be specified
by the Managers an amended guarantee acceptable to the Managers for
the full amount of the amended Release, and should the Member fail to
provide such amended guarantee within the period specified then his
right to pay further contributions shall be withdrawn and the full
amount of the amended Release shall become immediately payable.
13.5 In all such cases the Managers may impose such other terms and
conditions as they think fit.
13.6 A Member or former Member who has paid a Release shall be under no
liability for any contributions in respect of any ship which is the subject
of the Release assessed after the date of the Release, other than in respect
of any Overspill Call assessed in accordance with the provisions of Rule
15.4 and 15.5, and shall have no right to share in any return of
contributions or other receipts which the Board may thereafter decide to
make.
Contributions
Basis of contribution, contributions, calls, Managers’ remuneration, payment,
closing of policy years, reserves, investment and reinsurance
Basis of contribution
14.1 Before any application for the entry of a ship for insurance in the Club is
accepted by the Managers, the applicant and the Managers shall, unless
the ship is to be entered on the terms that a fixed premium is payable to
the Club, agree the Advance Call Rate on the basis of which
contributions are payable to the Club in respect of that ship.
14.2.1 The Managers may agree with a Member to vary the Advance Call Rate
during a Policy Year. If no variation agreement is agreed, the Advance
Call Rate will remain effective until the end of the Policy Year in
question.