In these Rules, the following words and phrases shall have the following meanings unless the context otherwise requires.
Approval shall be in discretion of the Directors or Managers (as the case may be).
Fees and/or disbursements for advice or representation by lawyers or surveyors (or similar experts independent of the Member) in connection with any actual or threatened or intended dispute or claim.
The General Rules for the time being of the Association.
The value for which an entered ship should in the opinion of the Managers be insured as determined by the Managers in their discretion. For the purpose of this definition, the Managers are entitled to take account of whether the Hull and Machinery and/or Excess Liability policies of such ship have been the subject of periodic review in the light of market conditions, so that the total amount of liability cover provided by those policies is maintained at all times at a figure which is as near as possible to the equivalent of the free uncommitted market value of the ship, but in no event less than the aggregate of the limits of liability set out in the International Convention relating to the Limitation of Liability of Owners for Marine Claims 1976 and any revisions thereof.
NB: Members are therefore recommended to confer with their brokers and/or ship valuers in order to assess, in the light of the above, the total amount for which collision liability insurance should be arranged. Provided the necessary insurance is arranged on the basis of the advice received, the Managers will usually give favourable consideration to the insured value being the proper value.
The General Rules and the Class II Rules.