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

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15.5.1 If at any time prior to the expiry of a period of thirty-six months from
the commencement of a Policy Year (the “relevant Policy Year”), any of
the parties to the Pooling Agreement sends a notice (an “Overspill
Notice”) in accordance with the Pooling Agreement that an incident or
occurrence has occurred in the relevant Policy Year which has given or at
any time may give rise to an Overspill Claim, the Board shall as soon as
practicable declare that the relevant Policy Year shall remain open for the
purpose of levying an Overspill Call or Calls in respect of that claim and
the relevant Policy Year shall not be closed for the purpose of making an
Overspill Call or Calls in respect of that claim until such date as the
Board shall determine.
15.5.2 If at the expiry of the period of thirty-six months provided for in Rule
15.5.1, no Overspill Notice as therein provided for has been sent, the
relevant Policy Year shall be closed automatically for the purpose of
levying Overspill Calls only, whether or not closed for any other
purposes, such closure to have effect from the date falling thirty-six
months after the commencement of the relevant Policy Year.
15.5.3 If at any time after a Policy Year has been closed in accordance with the
provisions of Rules 15.5.1 and 15.5.2, it appears to the Board that an
incident or occurrence which occurred during such closed Policy Year
may then or at any time in the future give rise to an Overspill Claim, the
Board shall as soon as practicable declare that the earliest subsequent
open Policy Year (not being a Policy Year in respect of which the Board
has already made a declaration in accordance with Rule 15.5.1 or 15.5.3)
shall remain open for the purpose of levying an Overspill Call or Calls in
respect of that claim and such open Policy Year shall not be closed for
the purpose of making an Overspill Call or Calls in respect of that claim
until such date as the Board shall determine.
15.5.4 A Policy Year shall not be closed for the purpose of levying Overspill
Calls save in accordance with this Rule 15.5.
15.6.1 If
(i) the Board makes a declaration in accordance with Rule 15.5.1 or 15.5.3
that a Policy Year shall remain open for the purpose of levying an
Overspill Call or Calls, and
(ii) a Member who is liable to pay any such Overspill Call or Calls as may
be levied by the Board in accordance with Rule 15.4 ceases or has
ceased to be insured by the Club for any reason, or the Board determines
that the insurance of any such Member may cease