Common use of Quotations for Vessels Already Insured Clause in Contracts

Quotations for Vessels Already Insured. Firm Commitments by the Commitment Date 2.1 A New Club wishing to insure a vessel which is currently insured with any of the Clubs may do so, subject to compliance with this Clause, at any premium that is not unreasonably low if a firm commitment is entered into with respect thereto not later than 12 noon GMT on the commitment date. By “firm commitment” is meant a written agreement whereby the Operator is legally bound to enter the vessel and the New Club is legally bound to insure it for the policy year beginning on the next 20 February or on such other date on which insurance customarily attaches (“the attachment date”) at a stated rate of premium (“the agreed rate”) but subject to adjustment to reflect: (a) any general increase or reduction in premiums that may be applied by the New Club to policies commencing on the attachment date; and (b) any change in the limit of claims retained in accordance with the Pool; and (c) any variation in the cost of the General Excess Loss Contract. 2.2 The New Club shall, before quoting a premium, first request the Holding Club, or each of them if more than one: (a) to supply the record of the Operator; and (b) to state the Holding Club’s current premium for the vessel. 2.3 The New Club shall state in its request: (a) that it is considering entering into a firm commitment on or before the commitment date; (b) the basis on which it wishes to quote; and (c) whether it proposes to quote for all the vessels insured with the Holding Club by the same Operator, and, if not, for which of them. 2.4 As quickly as practicable a Holding Club shall seek the consent of the Operator to its complying with the New Club’s request (unless such consent has already been obtained in writing by the New Club) and, subject to such consent being or having been obtained, as quickly as practicable and in any event within 5 working days in the Holding Club’s country of operations of receipt by the Holding Club of the New Club’s request, the Holding Club shall supply to the New Club the Operator’s record and a statement of the current premium for the vessel in question, specifying whether that premium was fixed on the same basis as the basis of quotation stated in the New Club’s request and, if not, on what basis it was fixed. If requested to do so by the Operator, the Holding Club shall also supply to the Operator a copy of his record as supplied by the Holding Club to the New Club. If the New Club has stated that it wishes to quote for only one or some of the vessels in a fleet entered in the Holding Club and the Holding Club applies a fleet rate it may in lieu of the actual premium state the premium that it would have required for the current year to insure that or those vessels alone, and in that case shall state that it is doing so. 2.5 If the Operator withholds consent, the New Club may not accept the vessel for insurance. 2.6 The New Club may change its basis of quotation or the vessels insured with the Holding Club for which it proposes to quote, but it must inform the Holding Club not less than five working days before it quotes on that basis or for those vessels. 2.7 The New Club shall notify the Holding Club in writing of the agreed rate not later than the third working day after a firm commitment is entered into. 2.8 The New Club shall determine the amount of any adjustment to the agreed rate and shall notify the Holding Club in writing of the adjusted rate (or, as the case may be, that no adjustment is necessary) not later than 14 working days before the attachment date. 2.9 The Holding Club may apply to the Committee: (a) within 30 days after receipt of notification of the agreed rate to determine whether the agreed rate is unreasonably low; (b) within two working days after receipt of notification of the adjusted rate to determine whether the adjustment fairly reflects the items specified in subclause 1; (c) within two working days after receipt of notification that the agreed rate is not to be adjusted, to determine whether an adjustment ought to have been made in order fairly to reflect those items.

Quotations for Vessels Already Insured. No Firm Commitments Commitment by the Commitment DateDate7 2.1 A 3.1 Where no firm commitment is entered into by the time specified in Clause 2.1, the provisions of this Clause shall apply to the insurance by a New Club wishing to insure of a vessel which that is currently insured with any of the Clubs may do so, subject to compliance with this Clause, at any premium that is not unreasonably low if a firm commitment is entered into with respect thereto not later than 12 noon GMT on the commitment date. By “firm commitment” is meant a written agreement whereby the Operator is legally bound to enter the vessel and the New Club is legally bound to insure it for the policy year beginning on the next 20 February or on such other date on which insurance customarily attaches (“the attachment date”) at a stated rate of premium (“the agreed rate”) but subject to adjustment to reflect: (a) any general increase or reduction in premiums that may be applied by the New Club to policies commencing on the attachment date; and (b) any change in the limit of claims retained in accordance with the Pool; and (c) any variation in the cost of the General Excess Loss ContractClubs. 2.2 3.2 The New Club shall, before quoting a premium, first request the Holding Club, or each of them if more than one: (a) , to supply the record of the Operator; and (b) to state Operator and the premium that the Holding Club’s current premium Club would quote for the vessel. 2.3 proposed period of insurance on the proposed basis of quotation (which must be specified in the request). The request must also state whether the New Club shall state in its request: (a) that it is considering entering into a firm commitment on or before the commitment date; (b) the basis on which it wishes to quote; and (c) whether it proposes to quote for all the vessels in the same fleet that are insured with the Holding Club by the same Operator, and, if not, for which of them. 2.4 As quickly 3.3 The New Club may request a Holding Club to state a premium on more than one basis of quotation, either in its initial request or by means of a subsequent request, but a quotation shall not be given to an Operator on a basis of quotation which has not been specified in a request previously made of each Holding Club with respect to the vessel or vessels in question. 3.4 Subject as practicable mentioned below a Holding Club shall as quickly as practicable seek the consent of the Operator to its complying with the New Club’s request (unless such consent has already been obtained in writing by the New Club) and, subject to such consent being or having been obtained, as quickly as practicable and in any event within 5 working days in the Holding Club’s country of operations operations, of receipt by the Holding Club of the New Club’s request, the Holding Club shall shall: (a) supply the Operator’s record to the New Club and (b) state its premium in conformity with the OperatorNew Club’s record and request or advise the New Club that it would not quote a statement of the current premium for the vessel in question, specifying whether that premium was fixed question on the same basis as proposed by the basis of quotation stated New Club or that it would not quote a premium for that vessel at all. Nevertheless a Holding Club shall not be bound to comply with the above requirements more than three months before the intended attachment date, which, unless otherwise specified in the New Club’s request andrequest, if not, on what basis it was fixed. If requested shall be presumed to do so by be the Operator, next annual renewal date of the Holding Club shall also supply to the Operator a copy of his record as supplied by the Holding Club to the New Club. If the New Club has stated that it wishes to quote for only one or some of the vessels in a fleet entered in the Holding Club and the Holding Club applies a fleet rate it may in lieu of the actual premium state the premium that it would have required for the current year to insure that or those vessels alone, and in that case shall state that it is doing so. 2.5 3.5 If the Operator withholds consent, consent the New Club may not accept the vessel for insurance. 2.6 The New Club may change its basis of quotation or the vessels insured with the Holding Club for which it proposes to quote, but it must inform the Holding Club not less than five working days before it quotes on that basis or for those vessels. 2.7 3.6 The New Club shall notify be entitled only to a Reduced Pooling Facility in respect of the vessel if it insures it at a rate which is lower than the Holding Club’s Rate (as defined below) unless the New Club notifies the Holding Club in writing of the agreed rate premium for such insurance not later than the third working day after the New Club and the Operator have entered into a firm commitment is entered into. 2.8 The New Club shall determine the amount of any adjustment to the agreed at that rate and shall notify the Holding Club in writing of the adjusted rate (or, as the case may be, that no adjustment is necessary) not later than 14 working days before the attachment date. 2.9 The Holding Club may apply to the Committeeeither: (a) within 30 days after receipt of notification of the agreed rate to determine whether the agreed rate is unreasonably low; (b) within two working days after receipt of notification of the adjusted rate to determine whether the adjustment fairly reflects the items specified in subclause 1; (c) within two working days after receipt of notification that the agreed rate is not to be adjusted, to determine whether an adjustment ought to have been made in order fairly to reflect those items.

Quotations for Vessels Already Insured. Firm Commitments by the Commitment Date 2.1 A New Club wishing to insure a vessel which is currently insured with any of the Clubs may do so, subject to compliance with this Clause, at any premium that is not unreasonably low if a firm commitment is entered into with respect thereto not later than 12 noon GMT on the commitment date. By “"firm commitment” " is meant a written agreement whereby the Operator is legally bound to enter the vessel and the New Club is legally bound to insure it for the policy year beginning on the next 20 February or on such other date on which insurance customarily attaches (“"the attachment date”") at a stated rate of premium (“"the agreed rate”") but subject to adjustment to reflect: (a) any general increase or reduction in premiums that may be applied by the New Club to policies commencing on the attachment date; and (b) any change in the limit of claims retained in accordance with the Pool; and (c) any variation in the cost of the General Excess Loss Contract. 2.2 The New Club shall, before quoting a premium, first request the Holding Club, or each of them if more than one: (a) to supply the record of the Operator; and (b) to state the Holding Club’s 's current premium for the vessel. 2.3 The New Club shall state in its request: (a) that it is considering entering into a firm commitment on or before the commitment date; (b) the basis on which it wishes to quote; and (c) whether it proposes to quote for all the vessels insured with the Holding Club by the same Operator, and, if not, for which of them. 2.4 As quickly as practicable a Holding Club shall seek the consent of the Operator to its complying with the New Club’s 's request (unless such consent has already been obtained in writing by the New Club) and, subject to such consent being or having been obtained, as quickly as practicable and in any event within 5 10 working days in the Holding Club’s country of operations of receipt by the Holding Club of the New Club’s 's request, the Holding Club shall supply to the New Club the Operator’s 's record and a statement of the current premium for the vessel in question, specifying whether that premium was fixed on the same basis as the basis of quotation stated in the New Club’s 's request and, if not, on what basis it was fixed. If requested to do so by the Operator, the Holding Club shall also supply to the Operator a copy of his record as supplied by the Holding Club to the New Club. If the New Club has stated that it wishes to quote for only one or some of the vessels in a fleet entered in the Holding Club and the Holding Club applies a fleet rate it may in lieu of the actual premium state the premium that it would have required for the current year to insure that or those vessels alone, and in that case shall state that it is doing so. 2.5 If the Operator withholds consent, the New Club may not accept the vessel for insurance. 2.6 The New Club may change its basis of quotation or the vessels insured with the Holding Club for which it proposes to quote, but it must inform the Holding Club not less than five working days before it quotes on that basis or for those vessels. 2.7 The New Club shall notify the Holding Club in writing of the agreed rate not later than the third working day after a firm commitment is entered into. 2.8 The New Club shall determine the amount of any adjustment to the agreed rate and shall notify the Holding Club in writing of the adjusted rate (or, as the case may be, that no adjustment is necessary) not later than 14 working days before the attachment date. 2.9 The Holding Club may apply to the Committee: (a) within 30 days after receipt of notification of the agreed rate to determine whether the agreed rate is unreasonably low; (b) within two working days after receipt of notification of the adjusted rate to determine whether the adjustment fairly reflects the items specified in subclause 1; (c) within two working days after receipt of notification that the agreed rate is not to be adjusted, to determine whether an adjustment ought to have been made in order fairly to reflect those items.