Return premium

If the total premiums and other income of the Club are found to be in excess of that required to cover the claims and costs of the calendar year, the Club may decide that the surplus, wholly or in part, shall be repaid to the members in the calendar year in question by way of a pro rata discount to be stipulated in proportion to the net advance premiums for that calendar year.

It is not permissible to declare higher return premium than proposed or accepted by the Board of Directors.

Repayment to Joint Members is to be sent to the member named first in the insurance agreement.