Rule 37 Damage to fixed or floating objects

1. The Association shall cover:

   1. liability for loss of or damage to any fixed or floating object by reason of contact between the Ship and such object, when not covered under the Hull Policies;

   2. that part of the Member's liability which exceeds the amount recoverable under the Hull Policies solely by reason of the fact that the liability exceeds the sums insured under those policies,

provided that there shall be no recovery under this Rule 37 in respect of any deductible borne by the Member under the Hull Policies.