P&I Rule Change: Rule 2 – Nature of cover

Change: Addition of paragraph
Rule 2 lays down the general scope of the insurance and also general principles regarding the interpretation of the P&I Rules. A decision was taken by the Board of the Association on 19 February 2010 (per capsulam) to add a provision to this Rule, saying that the P&I Rules can be amended during the currency of a policy year in order to avoid the Association becoming subject to sanctions. One reason for the addition is pending legislation in the US (see the Associations’ circular 2494/2010) which might entail that insurers will become prohibited to insure certain activities relating to Iran’s import of refined pet-roleum products. The addendum forms part of 2010/11 P&I Rules.

New paragraph: Rule 2
The Association may amend these Rules at any time during the period of insurance in order to avoid the Association becoming subject to any sanction, prohibition or adverse action by any State or International organisation.

Encl:

			filesize
		P&I Circular 2496/2010	85 Kb