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Rule 11 Payment

1 Premiums are due in three instalments as follows:

a) for the period 20th February - 20th June, on 20th March;

b) for the period 20th June - 20th October, on 5th July;

c) for the period 20th October - 20th February, on 5th November.

2 Where the Vessel is entered in the course of a Policy Year, a pro rata premium for the four-monthly period in which it is entered is due at once, with the remaining instalments, if any, due at the times specified in Rule 11.1.

3 Any other sums debited by the Association to a Member, including Insurance Premium Tax, reimbursement of deductibles, interest, costs or expenses, are due on demand.

4 If any sums due to the Association from the Member are not paid on or before the due date interest is chargeable on such unpaid sums at such rate as the Association may from time to time decide.