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Coastal & Inland Rules of The Standard Club Asia Ltd
Rules of the Protection and Indemnity Class
The rules of The Standard Club Asia Ltd shall be the same as the rules of The Standard Club UK Ltd amended, varied and supplemented as follows:
- Unless the context otherwise requires, ‘the club’ means The Standard Club Asia Ltd and references to ‘the articles’ shall be deemed to be references to the Memorandum and Articles of Association of the club.
- ‘Reinsuring club’ means any Protection and Indemnity Association of which the club is a member.
- The opening words of rule 21.1 shall be substituted by the following: “Where the club is a member of a reinsuring club and the reinsuring club or another party to the Pooling Agreement incurs an overspill claim for all or a proportion of which the reinsuring club is liable under the terms of the Pooling Agreement or otherwise then, if the club is or may become obliged to pay the reinsuring club an overspill call in respect of such liability the funds required to pay the reinsuring club in respect of the overspill claim shall be provided.”
- Where the expression overspill claim is used, this shall be deemed to include an overspill claim or any part thereof for which the reinsuring club is liable and (a) in the definition of overspill claim the words ‘any other party’ shall be substituted with ‘any party’; and (b) in the definitions of group reinsurance limit and Pooling Agreement, references to the club shall be understood to be references to the reinsuring club.
- Rules 22.1–22.17 shall be substituted by the following rule 22.1: “Without prejudice to any other applicable limit, there shall be no right of recovery of any overspill claim from the club in excess of the maximum amount that the club is able to recover from the reinsuring club in respect of that overspill claim.”