Rate this article:  

Table of contents

Guidance

(A) …time and date agreed by the Association… (Rule 4)
The Association and the Member will agree the time at which cover is to commence at the time of conclusion of the contract between them.1 The time and date of commencement of entry will be recorded in the Certificate of Entry.2 The cover will continue until immediately prior to noon GTM on the following 20 February, unless it has ceased or been terminated before then.

Cover is available for a claim only if it arises out of an event3 occurring at or after the time of commencement of cover and before the termination or cesser of cover.4

(B) …cover…shall continue…unless terminated in accordance with these rules… (Rule 4)
The P&I cover does not automatically terminate at the end of the Policy Year. It continues unless cover is terminated or ceases pursuant to the provisions of Rules 23-25. In the circumstances outlined in Rule 25 the Member ceases to be covered immediately on the occurrence of the particular event unless the Association decides otherwise. Under Rule 23 the Member may terminate the entry as from the end of the Policy Year by giving written notice thereof prior to 20 January. Under Rule 24 the Association may terminate cover by giving written notice of termination. Importantly, the Member cannot terminate the entry on any date other than at the end of the Policy Year except with the agreement of the Association. However, the Association can, in the circumstances outlined in Rule 24, terminate an entry on a date before the end of the Policy Year.


1 See (E) of the Guidance to Rule 3 in relation to the time of conclusion of the contract.
2 See the Guidance to Rule 5.
3 For the time of occurrence of an event see the Guidance to Rule 80.
4 See (I) of the Guidance to Rule 2.