The board of directors has, in accordance with Article 14.2 of the Regulations decided to include a supplementary Rule to the Insured Risks, Class 2, as follows:
Insured Risks Class 2, Rule 2.5
The members are insured for legal advice and assistance for claims and disputes arising from the purchase or sale of a vessel, up to a maximum of Euro 100.000,- per contract and subject to a deductible of Euro 5.000,-, provided that in any matter relating to:
- a. the purchase of a vessel cover is excluded for any dispute or claim which arises prior to delivery of the vessel to the member, unless the entry is made effective from the date of the relevant contract, approved by the Association and subject to any additional terms; and
- b. the sale of a vessel cover will only extend after the vessel has been insured with the Association for the minimum duration of one full policy year.