Rule 22 Premiums and deductibles
Premiums for the policy year to come are decided annually by the Association.
The premium is due for payment in four equal instalments on 20 February,
20 May, 20 August and 20 November.
Should the period of insurance commence during the current policy year, a pro rata premium shall be paid at the time when the period of insurance begins, for the period until the next due date. Thereafter the premium shall be paid as stated in the second paragraph.
Deductibles for the policy year to come are decided annually by the Association. There shall be one deductible per event unless different types of liabilities are involved in which case each type of liability shall carry one deductible.
Where security is provided to obtain the release of or to prevent the arrest orattachment of any assets of the Member under Rule 12, any applicable deductibles shall become due and be paid to the Association immediately.
If any sums due to the Association from the Member are not paid on or before the due date, the Association shall be entitled to interest on such unpaid sums at such rate as it from time to time determines.