Release Calls. 8.1 The purpose of a release call is to provide an Operator who transfers a vessel from a Holding Club with the option of crystallising his liabilities to the Holding Club at the point of transfer, rather than being subject during the period prior to closure of the relevant open policy years to an on-going liability to cover his share of the total liabilities incurred by the Holding Club in respect of the period the vessel was insured by the Holding Club. Each Club shall publish at least annually a statement of its release call percentages for each open policy year or as frequently as release call percentages are reviewed and/or changed each year. The statement shall include an explanation of the factors that the Board of Directors or Committee of the Club has taken into account in setting the release call percentages which shall reflect its assessment of the risk that the published levels of expected premiums may be exceeded and, in making such assessment the Club shall take account of objective actuarial information regarding:
Appears in 8 contracts
Samples: International Group Agreement, International Group Agreement, International Group Agreement
