Common use of First Entry Clause in Contracts

First Entry. Where a New Vessel is about to become part of a fleet, the provisions of subclauses 2 to 10 of Clause 3 shall apply, with the following modifications, on the first entry of that vessel in a New Club during the course of a policy year: (a) if the whole of the fleet is insured in one Club, that Club is the New Vessel’s Holding Club; (b) if the fleet is split between two or more Clubs for insurance, each of them is (subject to paragraph (c)) a Holding Club of the New Vessel and may quote for that vessel without observing the requirements of Clause 3 but may nevertheless request any other Holding Club to supply the record of the Operator so far as concerns such Holding Club’s part of the fleet, and if it does so the provisions of subclause 4 of that Clause relating to the supplying of records shall apply; (c) if the part of a split fleet insured by a Club consists solely of vessels which it has first insured after the beginning of its last complete policy year, that Club may not quote for the New Vessel within 12 months of insuring any of those vessels, without observing the requirements of Clause 3 or, if paragraph (d) applies, those requirements as modified by that paragraph; (d) if the Operator has, within the time specified in Clause 2.1, entered into a firm commitment with respect to one or more vessels of the fleet, any Club with which a firm commitment has been made as aforesaid may insure the New Vessel at any premium that is not unreasonably low. In such a case the Club in question shall notify the Holding Club (and each of them if more than one) not less than five working days before the date of commencement of the insurance of the premium to be charged, and the Holding Club may within three working days of receipt of the notification apply to the Committee to determine whether that premium is unreasonably low.

First Entry. Where a New Vessel is about to become part of a fleet, the provisions of subclauses 2 to 10 of Clause 3 shall apply, with the following modifications, on the first entry of that vessel in a New Club during the course of a policy year: (a) if the whole of the fleet is insured in one Club, that Club is the New Vessel’s 's Holding Club; (b) if the fleet is split between two or more Clubs for insurance, each of them is (subject to paragraph (c)) a Holding Club of the New Vessel and may quote for that vessel without observing the requirements of Clause 3 but may nevertheless request any other Holding Club to supply the record of the Operator so far as concerns such Holding Club’s 's part of the fleet, and if it does so the provisions of subclause 4 of that Clause relating to the supplying of records shall apply; (c) if the part of a split fleet insured by a Holding Club consists solely of vessels which it has first insured after the beginning of its last complete policy year, that Club may not quote for the New Vessel within 12 months of insuring any of those vessels, without observing the requirements of Clause 3 or, if paragraph (d) applies, those requirements as modified by that paragraph; (d) if the Operator has, within the time specified in Clause 2.1, entered into a firm commitment with respect to one or more vessels of the fleet, any Club with which a firm commitment has been made as aforesaid may insure the New Vessel at any premium that is not unreasonably low. In such a case the Club in question shall notify the Holding Club (and each of them if more than one) not less than five working days before the date of commencement of the insurance of the premium to be charged, and the Holding Club may within three working days of receipt of the notification apply to the Committee to determine whether that premium is unreasonably low.