Rule 23 Additional premiums

During or after the end of a policy year which has not been declared closed, the Association may levy one or more additional premiums to be paid by each Member in respect of ships entered for that policy year. Such additional premiums shall be calculated pro rata on the net premium debited for the policy year.

The Association may decide in its sole discretion that any premium paid in advance or charged as an additional premium or otherwise, shall be used for transfers to any reserves or provisions including reserves or provisions in respect of any deficiency which has occurred or which may be thought likely to occur in respect of any closed policy year.

Unpaid additional premiums may be levied on other Members pro rata on the net premium debited for the policy year.

Should the insurance cease or be terminated, the Association may levy an estimated additional premium on the Member.

Additional premiums are due for payment on demand.

Commentary: Rule 23 Additional premiums