That portion of the Member's liabilities, costs and expenses arising out of the
collision listed in Rule 23.1 (1) which exceeds the sum recoverable under the
Hull Policies (including any special insurance of excess loss nature
(hereinafter called "Excess Loss Special Insurance") of the Entered Ship)
solely by reason of the fact that the sum of liabilities arising out of the
collision exceeds the valuation of the ship in those Hull Policies.
If the Association determines the insured value (or the amount insured if the
Excess Loss Special Insurance is attached) to be unreasonably low, the
Member shall be entitled to recover only the excess of such proper value
which shall be determined by the Association based on the market value of
the Entered Ship at the time of the collision.