Dear Sirs
Amendment to the Bye-Laws - Class 1 -
Charterer’s Limitation of Cover Clause (otherwise than in respect of oil pollution)
The Board has decided that the above mentioned clause set out in the Bye-Laws is unnecessarily restrictive, because the Club has had in place for some time a reinsurance which provides cover for charterers up to US$50m in excess of the amount to which the owner could have limited his liability. At present the clause provides (inter alia) that cover for charterers who are co-assured under an owner’s entry is restricted to the lesser of the amount to which, had he been liable for such claims and not been denied the right to limit, the registered owner could have limited his liability and US$300m.
Accordingly the Board has decided that the relevant part of the Bye-Law shall be amended to read:-
...(b) The Association’s liability in respect of claims under any one Entry shall not exceed in the aggregate in the case of a Charterer’s Entry and in the case of all charterers co-assured under an Owner’s Entry the lesser of US$50,000,000 in excess of the amount to which, had he been liable for such claims and not been denied the right to limit, the registered owner could have limited his liability and US$300,000,000...
Yours faithfully
The West of England Ship Owners
Insurance Services Limited
(As Managers)
R J B Searle
Director