Rule 33

Release Calls upon Cancellation

Rule 33

Release Calls upon Cancellation

A. Upon the cancellation of an Owner’s insurance in accordance with paragraph (A) of Rule 31, not withstanding that, if there has been a cesser of insurance prior to such cancellation, the Managers at the time of such prior cesser may not have exercised or may have agreed not to exercise the powers described in paragraphs (A) and (B) of Rule 30, the Managers may assess as at the date of the cancellation of insurance the amount which seems to the Managers in their discretion to represent the likely liability of the Owner for Supplementary Premiums and for Mutual Premiums falling due after such date in respect of such ship.

B. If the Managers shall exercise their powers under paragraph (A) of this Rule 33, then:

i. The amount of any such assessment made under paragraph (A) hereof shall be payable by the Owner without deduction on demand, and
ii. The Owner shall be under no liability for any Supplementary Premiums which the Directors may decide to levy after the date of such assessment made under paragraph (A) hereof, or for any Mutual Premiums becoming due after such date, and the Owner shall have no right to share in any return of contributions or other receipts or any Mutual Premium Discount, which the Directors may thereafter decide to declare or make in accordance with Rule 20 or 25 (E) respectively.