What We Provide : Mutual Status
Cover is provided on a mutual basis. Mutual status means:
Independence
The Club is owned by its Members. It operates for their collective benefit and is not influenced by outside interests.
Control
The Club is controlled by a Board of Directors elected by the membership. The Board, made up of representatives of Member shipowners and operators, determines Club policy across a wide range of strategic issues including calls, finances, investments and regulatory matters. The Board also decides whether to support Members for the costs involved in major litigation.
Competitive pricing
The Club is run on a "not for profit" basis, so there are no outside shareholders pressing for dividends and no institutions expecting returns from Club funds.
Dynamic cover
Cover develops to reflect new and different types of claim Members may face.
Flexibility
The Directors can consider claims that do not fall specifically within the defined cover.
Review
Depending on the nature of the claim, cases are reviewed to determine the extent of support. The Club considers each case on its own facts and merits to decide whether to give an individual Member support - which would mean paying arbitration or court costs from Club funds.
Consideration is given to the legal advice received, the conduct of a member and the cost effectiveness of the steps proposed.
If a claim were to involve a matter of general importance to the shipping community so that the membership as a whole stood to benefit by pursuing it, then support may be given, even if the legal merits are unfavourable.