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FD&D (CLASS 6) / PART VI / RULE 34
CESSER OF SHIP ENTRY
A Member shall cease to be insured by the Association in respect of an Entered Ship upon the happening of any of the following events in relation to such Ship:
34.1 Transfer of Interest
If the Member shall cease to have a legal, beneficial or other interest in the Ship, or if entire control and possession is transferred whether by demise charter or otherwise.
34.2 Change of Management
If the managers or operators of the Ship shall be changed.
34.3 Total Loss of Ship
If the Ship becomes a total loss or is accepted by the hull insurers as being a constructive, compromised or arranged total loss, except as regards liabilities flowing from the casualty which gave rise to such total loss of the Ship.
34.4 Ship Missing
If the Ship shall be missing for ten days from the date it was last heard of or from it being posted at Lloyd’s as missing, whichever shall be the earlier.
34.5 Mortgage of the Ship
If the Ship be mortgaged or otherwise hypothecated, unless an undertaking or guarantee approved by the Managers is given to pay all Contributions due or to become due in respect of the Ship.
Provided always that:
34.5.1 the Managers may waive this provision.
34.6 Classification
If the Member fails to meet the requirements of Rule 28 Classification and Condition of Ships.
34.7 Termination
If the entry of the Ship shall have been terminated in accordance with Rule 9.3 Notice of Termination of Cover by Board or Managers, Rule 28.7 Ship Management Appraisal or Rule 28.8 Condition Survey.
34.8 Sanctions
If, by virtue of any Sanction, prohibition or any adverse action by a state, international or supranational organisation or other competent authority, the Association is prohibited from insuring the Entered Ship.