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Rule 3 PROTECTION & INDEMNITY RISKS COVERED
Unless otherwise agreed between a Member and the Managers, the risks covered by the Association under Rule 3 are as set out in Sections 1 to 25 below, provided always as follows:
i. Unless and to the extent that the Directors otherwise decide, a Member is only insured in respect of such sums as he has paid to discharge the liabilities or to pay the losses, costs or expenses referred to in those sections;
ii. The maximum amount recoverable by a Member in respect of any one event may be limited by virtue of the limits set out in Appendix A to Rule 3 and in Rule 8 [C], or by virtue of the limits specified in the Certificate of Entry or the Endorsement Slip of the entered ship, or by virtue of a resolution of the Directors made before the commencement of the relevant policy year;
iii. Unless otherwise agreed between a Member and the Managers, a Member’s recovery from the Association shall be subject to the deductibles set out in Appendix B to Rule 3.
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