Rule 20 Payment
Subject to Rule 20.3, Estimated Total Calls are due in three instalments as follows:
for the period 20th February - 20th June, on 15th March;
for the period 20th June - 20th October, on 15th September;
for the period 20th October - 20th February, on 15th November.
Where the Ship is entered in the course of a Policy Year, a pro rata proportion of the Estimated Total Calls to be collected during the Policy Year to which it relates 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 20.1.
Estimated Total Calls of less than USD 5,000 (or the equivalent in any other currency, as determined by the Association) per Ship are due in full on 15th March.
Fixed premiums are due on inception of cover.
Supplementary Calls, other than Release Calls, are due on the date specified by the Association.
Any other sums debited by the Association to a Member, including Release Calls, Overspill Calls, Insurance Premium Tax for which the Member is liable, reimbursement of deductibles, interest, costs or expenses, are due on demand.
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 determine.
Members' Estimated Total Calls, Supplementary Calls, Overspill Calls, other premiums and other sums which cannot be collected shall be deemed to be an expense of the Association.
