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

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15.8.2 The Club shall be entitled to, and the Member hereby grants, a lien on
the entered ship in respect of any amount whatsoever owed by the
Member to the Club.
15.9 Subject to the provisions of Rule 15.4 in respect of Overspill Calls, if any
Member defaults in payment of any sum due from him such sum shall be
paid by all other Members rateably in proportion to the aggregate
contributions due from them in respect of the Policy Year(s) concerned;
provided that the Board may make any Supplementary Call or Calls on
Members by reference to their estimated liability under this Rule 15.9
and where any Member defaults in respect of that Call or Calls then the
other Members shall be liable for any deficiency in accordance with the
provisions of this paragraph 15.9 and payment may be enforced by the
Club. Each Member who may for the time being be entitled to receive
from the Club any payment in respect of any loss, claim or demand shall
bear and contribute the proportion thereof due in respect of any ship or
ships entered by him, including the ship in respect of which the loss,
claim or demand arises.
Closing of Policy Years
15.10.1 Subject to the provisions of Rule 15.5 above, the Board may decide that
any Policy Year shall be closed at such time as it may deem expedient.
15.10.2 If the contributions obtained in respect of such Policy Year should
exceed the claims, liabilities, costs, expenses and other outgoings falling
upon the Club for that year, the Board may either carry that surplus to
such reserve or reserves as the Board may think proper or may return it
in whole or in part to the persons who made such contributions in
proportion to the aggregate contributions made by them in such policy
year.
15.10.3 If at any time or times after a Policy Year has been closed it shall appear
to the Board that the claims (other than Overspill Claims), expenses and
outgoings arising in respect of a Policy Year exceed or are likely to
exceed the totality of the Calls (other than Overspill Calls) and other
receipts in respect of such Policy Year (and of all transfers from reserves
and provisions made for the credit of or in respect of such Policy Year)
then the Board may decide to provide for such deficiency in any one or
more of the following ways:
(i) by transferring funds from the reserves of the Club;
(ii) by transferring funds standing to the credit of any different closed Policy
Year;