Clause 8 - Premium and Payment and Premium Tax

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Clause 8 - Premium and Payment and Premium Tax

A.      Before an application is accepted for the entry of a ship, the Applicant Assured and the Managers shall agree the amount of the premium and the time or times at which it is payable. In deciding upon the premium amount for any ship the Managers may take into account all matters which they may consider relevant including (without prejudice to the generality of the foregoing) the degree of risk estimated to be involved in the proposed insurance.

B.      If the application is accepted, the Assured shall be bound to pay and shall pay to the Club the premium agreed with the Managers and at such time or times as the Managers shall have specified.

C.     No claim of any kind whatsoever by an Assured against the Club shall constitute any set-off against premium or other sums of whatsoever nature due to the Club or shall entitle an Assured to withhold or delay payment of any such sum.

D.     Without prejudice to the rights and remedies of the Club under these Terms & Conditions and in particular Clauses 18 to 20 inclusive, if any premium or part thereof or any other sum of whatsoever nature due from any Assured is not paid by such Assured on or before the date specified for payment thereof, such Assured shall pay interest on the amount not so paid from and including the date so specified to the date of payment at such rate as the Club may from time to time determine, but the Club may also waive payment of such interest in whole or in part.

E.      The Club shall have a lien or other right of action against any ship entered by the Assured and any property owned by the Assured in respect of any sum of whatsoever nature owed by it to any of the Clubs, notwithstanding that the cover of the Assured or in respect of any ship entered by it may have ceased or been terminated or cancelled.

F.      An Assured shall pay on demand to the Club or to its order the amount of any premium tax or other tax levied on or in connection with the insurance or reinsurance provided by the Club to the Assured which the Club determines it or the Assured has or may become liable, and shall indemnify the Club and hold it harmless in respect of any loss, damage, liability, cost or expense which it may incur in respect of such premium tax or other similar tax.