Membership

Every assured in the capacity as owner is a member of the Club, unless otherwise stated in this paragraph, or as individually agreed.

The Club may grant membership to a lessee, charterer, operator, mortgagee or other coinsured. The Board of Directors stipulates guidelines regarding the assessment if, and to whom, membership shall be given.

The Club may grant membership to a Captive insurance company at the discretion of the Board of Directors. Otherwise, reinsurance  does not give right to membership.

Insurance at fixed premium does not give right to membership. The Board of Directors may stipulate the limits for how much of the insurance portfolio that may be accepted at fixed premium. The Board of Directors may stipulate that certain insurance products can only be enentered into on a fixed premium basis.

Where one insurance agreement gives membership to more than one person, these members are considered as “Joint Members”.

Membership constitutes rights and duties according to Chapters 2 and 3 of the Articles.

Membership commences when the insurance has taken effect and ceases on expiry of the agreed insurance period. When renewing an insurance it is a precondition for membership that the above conditions are complied with.