IMPRUDENT OR IMPROPER TRADES
The Association shall not insure a Member against any liabilities, loses or expenses arising out of or consequent upon an entered ship carrying contraband, blockade running, being employed in unlawful trade or performing any voyage or being employed in any trade if the Managers having regard to all the circumstances consider, in their discretion, that the carriage, trade or voyage was imprudent, unsafe, unduly hazardous or improper.
