Rate this article:  

Table of contents

Rule 10 Premiums

1 Each Vessel shall be entered on the basis of a fixed premium in an amount agreed between the Association and the Member.

2 The Association may determine (either generally for all entries, or separately for any entry or category of entries) that for the next ensuing Policy Year the Premium Rating of the Vessels entered in the Association shall be altered by a fixed percentage, before any further adjustment is made in order to take account of the Member's loss record, alteration in the extent of the risk or any other factor the Association may deem relevant.

3 The Association may, in its sole discretion, levy an additional fixed premium for cover made available pursuant to Rule 2.1(b).

4 The Association may, in its sole discretion, agree or levy premium adjustments on the renewal or termination of an entry in accordance with the premium conditions set out in paragraph A of Appendix I.