§ 58-20-1 – Short title.
58-20-1. Short title. This Article may be cited as the "Commercial Fishermen’s Hull Insurance, and Protection and Indemnity Club Act". (1987, c. 330.)
§ 58-20-10 – Commercial Fishermen Hull Insurance, and Protection and Indemnity Clubs authorized.
58-20-10. Commercial Fishermen Hull Insurance, and Protection and Indemnity Clubs authorized. In addition to other authority granted under Articles 1 through 64 of this Chapter, ten or more commercial fishermen who are members of an association may enter into contracts or agreements under this Article for the joint protection and retention of their risk for […]
§ 58-20-15 – Board of trustees.
58-20-15. Board of trustees. (a) A Club shall be operated by a board of trustees. Each trustee shall also be a member of an association. The trustees shall be selected by the Club members under the rules of organization of the Club. The board of trustees shall: (1) Establish the terms and conditions of hull […]
§ 58-20-20 – Mutual agreement for indemnification.
58-20-20. Mutual agreement for indemnification. (a) An agreement made under this Article shall contain provisions for: (1) A system or program of loss control; (2) The termination of membership; (3) The payment by the Club of all claims for which a member incurred liability during the period of his membership; (4) The non-payment of claims […]
§ 58-20-25 – Termination of Club membership; notice.
58-20-25. Termination of Club membership; notice. If a member fails to pay his contributions calls, or assessment, or other property required by the board of trustees as authorized by this Article, he shall not be entitled to any hull insurance and protection and indemnity coverage under this Article, and the Club may terminate his membership […]
§ 58-20-30 – Financial monitoring and evaluation of clubs.
58-20-30. Financial monitoring and evaluation of clubs. Each club shall be audited annually, at the Club’s expense, by a certified public accounting firm. A copy of the audit report shall be furnished to each member, and to the Commissioner. The trustees shall obtain an appropriate actuarial evaluation of the loss and loss adjustment expenses reserves […]
§ 58-20-35 – Insolvency or impairment of Club.
58-20-35. Insolvency or impairment of Club. (a) If an annual audit or an examination by the Commissioner reveals that the assets of a Club are insufficient to discharge its legal liabilities and other obligations, the Commissioner shall notify the administrator and board of trustees of the Club’s deficiency; and he shall recommend the measures to […]
§ 58-20-40 – Immunity of administrators and boards of trustees.
58-20-40. Immunity of administrators and boards of trustees. There is no liability on the part of and no cause of action arises against any board of trustees established under this Article, or against any administrator appointed as their representative, or any Club, its members or its employees, agents, contractors, or subcontractors for any good faith […]
§ 58-20-5 – Definitions.
58-20-5. Definitions. For purposes of this Article: (1) "Association" means a trade or professional association that has been in existence for at least five years, and has adopted a written constitution, and a written set of bylaws, and was created for purposes other than for participating in a club. (2) "Club" means a commercial fishermen’s […]