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Before the beginning of each Policy Year, or so soon thereafter as may be practicable, the Directors shall, in respect of each Insured Owner, decide the percentage of the Insured Value and of the Sum Insured, in respect of each Entered Ship, which is to be levied on the Insured Owner and is to be paid by way of an Advance Contribution for such Policy Year.


The percentage or percentages so fixed shall be applied:


In the case of risks insured under rule 2, to the insured value of each entered ship for which she is insured;


In the case of risks insured under Rule 3, to the Sum Insured;


Where only a part or percentage of the Insured Value is insured by the Club, to that part or percentage so insured.


The amounts so calculated shall be the amounts so payable by the Insured Owner.

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