I. Interpretation

1. “The Association” means China Shipowners Mutual Assurance Association.

2. “Member” means any individual or every member of the Association

3. “Register of Members” means the Register of Members for the time being
maintained by the Association.

4. “The Bye-Laws” means the Bye-Laws for the time being of the Association.

5. “The Rules” means the Rules from time to time in force governing the conduct of insurance of the Association.

6. “Board” means the Board of Directors elected at any General Meetings of Members.

7. “The Directors” means the members of the Board for the time being.

8. “Chairman” means the Chairman of the Board for the time being.

9. “The Managers” means the management team running the day to day affairs of the Association.

10. “Managing Director” means the Managing Director in charge of the management team.

11. “Ship” means any ship used in navigation on, over or in water.

12. “Tonnage” means the gross tonnage of a ship as certified in the Certificate of Registry of such ship or in any other official documents relating to the registration of such ship.

13. “Entered Tonnage” means the tonnage figure recorded as entered tonnage in the Certificate of Entry of an entered ship.

14. “Insurance” means any insurance or reinsurance.

15. “Shipowner” in relation to an entered ship, means owners, owners in
partnership, owners holding separate shares in severalty, part owner,
mortgagee, trustee, charterer and any other person (not being a reinsured
entity) named in the Certificate of Entry or endorsement slip.

16. “Reserves” means the reserve funds established and maintained in accordance with the laws or the decisions of the Board.

17. “Policy Year” means a year from noon on any 20th February to noon on the next following 20th February.

18. “Year, Month and Date” means, unless otherwise stated, calendar year, month and date.

19. “Notice” means any written notice (e.g. letter, telegraph, telex, fax, etc.).