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10.1

If a ship shall be entered in the names of more than one Insured Owner, they shall be collectively referred to as Joint Insured Owners and:

10.1.1

All Joint Insured Owners shall be jointly and severally liable to the Association to pay all contributions, Additional Premiums, Premiums, Q.E.R. Premiums, or other sums due to the Association in respect of such entry;

10.1.2

If, at the time of entry, the Joint Insured Owners shall have directed that all payments of any sums payable by the Association shall be paid to one of the Joint Insured Owners or to some other party, payment of such sums by the Association in the manner directed shall be a complete discharge of the Association’s liabilities to all Joint Insured Owners. If no such directions shall have been given, payment by the Association, in its discretion, to any one of the Joint Insured Owners shall operate as a similar complete discharge of its liabilities to all Joint Insured Owners;

10.1.3

Failure by any Joint Insured Owner to make a fair presentation and/or disclose material information within his knowledge shall be deemed to have been the failure of all the Joint Insured Owners;

10.1.4

Conduct of any Joint Insured Owner which would have entitled the Association to decline to indemnify him shall be deemed to be the conduct of all Joint Insured Owners;

10.1.5

Unless the Managers have otherwise agreed in writing, the contents of any communication from or on behalf of the Association to any Joint Insured Owner shall be deemed to be within the knowledge of all the Joint Insured Owners, and any communication from any Joint Insured Owner to the Association shall be deemed to have been made with the full approval and authority of all the Joint Insured Owners;

10.1.6

No disputes of whatever nature or howsoever arising between Joint Insured Owners shall be the subject of any insurance given by the Association or form the basis of any recovery from it;

10.1.7

Where any claims shall be pursued against any one of the Joint Insured Owners for which he is insured by the Association, he shall be deemed for all the purposes of this insurance to have the same rights to limit his liability as if he were the registered Owner of the Entered Ship.

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