Rule 58 Cover for Co-assureds and Protective Co-Assureds

The Association may agree, subject to the provisions of this Rule 58 and to such other terms as may be required to extend the cover afforded by the Association to the Member to any person who is named in the Certificate of Entry as a Co- assured.

The cover afforded to a Co-assured in categories (a), (b) and (c) below shall extend only to liabilities, losses, costs and expenses arising out of operations and/or activities customarily carried on by or at the risk and responsibility of the owner of the Vessel:

1. any person interested in the operation, management or manning of the Vessel;

2. the holding company or the beneficial owner of the Member or of any Co- assured falling within category a) above;

3. any mortgagee of the Vessel or finance institution (or its subsidiary or affiliate) as the owner leasing the Vessel to the Member.

Where a Member enters into a charterparty or other contract for the employment of the Vessel (the "Charterparty"), the other party to the Charterparty and its co-ventures, affiliates and associates and any other interested parties may, by agreement with the Association, be named in the Certificate of Entry as a Protective Co-assured under the Member's cover.

The Co-assured and Protective Co-assured shall not be entitled to Membership of the Association.

The Protective Co-assured party may recover from the Association any liabilities, costs and expenses which are incurred by it and which

1. are to be borne by the Member under the terms of the Charterparty; and

2. would, if borne by the Member, be recoverable by the Member from the Association.

The Protective Co-assured party may not recover from the Association any liabilities, costs and expenses which are to be borne by the Protective Co-assured party under the terms of the Charterparty.

The Association agrees to waive any rights of subrogation it may have against the Protective Co-insured party in respect of liabilities, costs and expenses which are to be borne by the Member under the terms of the Charterparty.

Provided that an address for notification has been advised to the Association, the Association undertakes to give the Protective Co-insured party notice in writing with the same period of notice as to the Member in all cases where the Association terminates the entry. If termination is attributable to the failure by the Member to pay when due and demanded any premium or other amount due to the Association, the Association undertakes not to exercise such rights without giving the Protective Co-assured party thirty (30) days’ notice in writing.