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2.1

The costs in respect of which a member is insured are those authorised by the managers in their discretion and incurred in pursuing or defending claims, disputes or proceedings. Such costs include any which the member may become liable to pay to any third party under any order or agreement.

2.2

The costs must relate to a cause of action arising during the period of the ship’s entry in the club and must arise out of or in relation to the operation or chartering by the member of the ship.

2.3

When considering whether to authorise any costs in respect of any matter, the managers may take into account, among other issues:

(1) the merits

(2) the enforceability of any claim

(3) the costs, actual or anticipated

(4) the effect on the financial position of the class or club (

5) whether the member exercised reasonable care in the chartering, control or management of the ship.

2.4

The managers may, at any time, decline or limit the reimbursement of any costs in respect of any matter, notwithstanding that they may previously have authorised reimbursement in connection with the same matter.

2.5

A member’s insurance is subject to the warranties, conditions, exceptions, limitations and other terms set out in the rules and his certificate of entry.

2.6

A member is not insured for any liabilities incurred by him in a capacity other than that in which he has entered into the contract of insurance with the club.

2.7

Unless and to the extent that the managers otherwise determine, the costs for which the member is insured shall be limited to US$5 million any one claim, dispute or proceeding.

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