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27.1

As soon as is reasonably practicable after the rate of any Advance or Supplementary Contribution shall have been fixed, the Managers shall notify each Insured Owner concerned of the following:

27.1.1

Whether the Contribution is an Advance or Supplementary Contribution;

27.1.2

The Policy Year and the Rule to which the Contribution relates;

27.1.3

The rate determined by the Directors;

27.1.4

The amount or amounts payable by the Insured Owner;

27.1.5

The date on which the Contribution is payable or, if such Contribution is payable by instalments, the amounts of instalments and the respective dates on which they are payable;

27.1.6

The currency or currencies in which the Contribution is payable.

27.2

If it shall be agreed between an Insured Owner and the Managers that a ship is to be entered in the Association as from a specified date occurring after the commencement of any Policy Year, or that the Association is otherwise on risk in respect of any insurance for only a part of any Policy Year (save in the circumstances set out in Rule 27.3), then the Contributions due from the Insured Owner to the Association in respect of that Policy Year shall be payable on a pro rata basis representing the time that such ship is entered for insurance during the Policy Year.

27.3

If in the course of a Policy Year, it shall be agreed between the Insured Owner and the Managers that the Insured Value for which the Entered Ship is insured under Rule 2 Parts B, C, D, E and F or the Sum Insured under Rule 3 shall be varied, then the Contributions due from the Insured Owner to the Association in respect of that Policy Year shall be increased or reduced pro rata according to the increase or reduction of the Insured Value or of the Sum Insured and according to the proportion of the whole Policy Year during which such increase or reduction is to be effective.

27.4

Upon an Entered Ship ceasing to be insured by the Association, the Insured Owner shall, notwithstanding the cesser of such insurance, remain liable to pay Contributions in respect of such ship as follows:

27.4.1

If the insurance shall have terminated at the end of a Policy Year, for the whole of such Policy Year, unless and to the extent that such liability may have been otherwise agreed or assessed under Rule 38; or

27.4.2

If the insurance shall have terminated in the course of a Policy Year, for the whole of such Policy Year, unless Rule 37 shall be applicable or unless and to the extent that such liability may have been otherwise agreed or assessed under Rule 38.

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