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Rule 10 Reinsurance
The board may, in its discretion, accept applications for reinsurance by the club of any ship or other interest insured by another insurer against war risks. If such an application should be accepted, each ship so reinsured shall be deemed for all the purposes of these rules to be an entered ship. In the absence of written agreement to the contrary, the insurer of such entered ship shall have the same rights and be under the same obligations for all the purposes of these rules as though he were the insured owner of the entered ship.
The board may, in its discretion, reinsure all or any part of the risks insured or reinsured by the club, whether or not such risks are in relation to all the ships entered in the club, or to any one particular entered ship, or to any number of entered ships, with such reinsurers and on such terms as they consider appropriate. In the event that such reinsurance is arranged, the insured owner is entitled to recover from the club only the net amount actually recovered under such reinsurance together with that portion of the risk, if any, retained by the club, whether or not the insured owner has notice of such reinsurance, its terms, or the identity of the reinsurers.