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P&I (CLASS 3) / PART II / RULE 7
SPECIAL INSURANCES
7.1 Fixed Premium
The Managers may accept the entry of a Ship on terms that the Member is liable to pay a fixed premium provided that every Member whose application for the entry of a Ship is accepted on the basis of paying a fixed premium shall be bound to pay and shall pay to the Association such sums as shall have been agreed with the Managers and at such time or times as the Managers shall have specified.
7.2 Special Acceptance
The Managers may accept insurances including entries of Ships on special terms as to Membership and Contribution and as to the nature and extent of risks covered, in respect of additional risks not set out in Rule 19 Risks Covered, provided that where such insurance is accepted the person insured shall be bound to pay and shall pay to the Association such sums as shall have been agreed with the Managers and at such time or times as the Managers shall have specified. The Managers may also accept such insurances from other insurers.
7.3 Reinsurance and Recovery
Without prejudice to the generality of Rule 38 Reinsurance and Pooling, the Managers may reinsure the whole or any part of the risk or risks of the Association insured under this Rule 7 Special Insurances or Rule 19.24 Special Cover and where such reinsurance is arranged the Member shall be entitled to recover only the net amount actually recovered under such reinsurance arrangements, together with that proportion (if any) of the risk or risks retained by the Association.
7.4 PROVIDED ALWAYS THAT:
If the terms on which a Ship is entered or an insurance is given are such that the Member or person insured is not liable to contribute to Overspill Calls then that person’s maximum recovery from the Association in respect of any claim shall be limited to such lesser sum as may be recoverable in respect of that claim under the General Excess Loss Reinsurance Contract.