SECURITY FOR CALLS
- The Managers may at any time require, as a condition of entry or continued entry of a ship, that a Member shall provide security for the payment of calls or other amounts due to the Association in the form of a bank guarantee in a wording and for an amount specified by the Directors, and given by a bank approved by the Managers.
- This insurance is a contract of marine insurance of the entered ship. It is acknowledged by the Member as being necessary for carrying on his business as ship owner and for the operation of his ship in national and/or international trade in connection with contracts for the carriage of goods or passengers on his ship. The Member confirms that he entered this ship as agent for and on behalf of the entered ship.
The Member recognises and grants to the Association an express maritime lien against the entered ship and loading freights to secure all obligations running from the Member to the Association under this contract of insurance. The Association may execute its maritime lien on the entered ship by appropriate process in any Court of any country having general admiralty and maritime jurisdiction