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ADDITIONAL INSURANCES / PART II / Section C - Extended Contractual Liabilities / Clause 3
PROVIDED ALWAYS THAT:
3.1
the liability arises out of the terms of the contract of indemnity or guarantee between the Assured and a third party stated below
{Enter details of the contract}
which has been reviewed by the Managers who have concluded that the contract is not poolable2; and
3.2
the contract has been approved by the Managers for coverage hereunder in accordance with Rule 19.15 Contracts of Indemnity or Guarantee3.
2 For the purposes of this Clause ‘poolable’ shall mean a contract of indemnity or guarantee that falls within the pooling eligibility criteria of the Pooling Agreement of the International Group of P&I Associations; or, applying similar criteria, falls within the cover terms set out in the Association’s Charterers’ Liability Insurance.
3 For the purposes of this Clause, where the Assured is insured under the Association’s Charterers’ Liability Insurance the reference to Rule 19.15 shall include reference to Charterers’ Liability Insurance Clause 15 Contracts of Indemnity or Guarantee.