ARBITRATION AND SUIT

Inthe event that the Assured and Insurers shall fail to agree as to any matter as respects this Policy:

A. As a first step, the decision shall be left to a single arbitrator, if the parties can agree on a single arbitrator. Failing such agreement, each shall, on the written demand of either, select a competent and disinterested arbitrator, one to be appointed by the Assured and one to be appointed by Insurers.

The arbitrators then together shall first select a competent and disinterested umpire, and failing for fifteen (15) days to agree upon such umpire then at the request of the Assured or Insurers, such umpire shall be selected by a judge of an English court having general jurisdiction in the area which includes the address of the Assured. The arbitrators together shall then de­cide the issue or issues and failing to agree shall submit their differences only to the umpire. An award in writing of any two amongst the arbitrators and the umpire when filed with Insurers shall determine the issue or issues. Each arbitrator shall be paid by the party (ies) selecting him and the expenses of arbitration and of the umpire or single arbitrator, if any, shall be paid equally by the Assured (fifty percent (50 %)) and Insurers (fifty percent (50 %)). B. Notwithstanding the above provision A., in the event that the Assured and Insurers shall still have dispute under this Policy, this Policy shall be subject to Russian law and practice but shall be subject to English jurisdiction. No suit or action on this insurance for the recovery of any claim shall be sustainable in any court of law or equity unless the Assured shall have fully complied with all the requirements of this insurance, and unless commenced within twenty four (24) months after the time a cause of action for the loss accrues, provided, however, that where such limitation of time is prohibited by Russian law and practice, then and in that event, no suit or action under this insurance shall be sustained unless commenced within the shortest time limitation permitted under such law and practice.

EXTENDED EXPIRATION

If this Policy should expire or be cancelled while an Occurrence or Accident giving rise to a loss recoverable under this Policy is in progress, it is understood and agreed that said loss, subject to all other terms and conditions and the limit of liability will be covered under this Policy as if the entire loss had occurred prior to such expiration or cancellation.

CLAUSE PARAMOUNT (ADDENDUM 42B) AND BUYBACK

Addendum 42B

Notwithstanding anything to the contrary contained in this insurance, there shall be no liability for any claim caused by, resulting from, or incurred as a consequence of:

A. i. the detonation of an explosive;and/or
ii. any weapons of war,

and caused by any person acting maliciously or from a political motive;

or,

B. any act for political or terrorist purposes of any persons, and whether or not agents of a sovereign power, whether the loss, damage or expense resulting therefrom is accidental or intentional.

Buyback

Notwithstanding the provisions of Addendum 42B above and subject to the terms and conditions to which reference is made below, this Policy shall indemnify the Assured in respect of any loss, damage or expense that would be recoverable under this Policy but for the exist­ence of the Clause Paramount (Addendum 42B) contained above.

CANCELLATION, AUTOMATIC TERMINATION, SUSPENSION AND AMENDMENT OF TERMS

i. Amendment of terms

Coverage as afforded by this extension may be cancelled by the Insurers giving notice effective on the expiry of forty eight (48) hours from midnight Greenwich Mean Time on the day on which notice is issued. Insurers agree however to reinstate the coverage as afforded by this extension subject to agreement between Insurers and the Assured prior to the expiry of such notice of cancel­lation as to new rate of premium and/or conditions.

ii. Notice of Cancellation

Coverage as afforded by this extension may also be can­celled by the Insurers or the Assured giving notice not less than forty eight (48) hours prior to the end of each period of three months from inception.

iii. Automatic Termination

Whether or not such notice of cancellation has been given, the coverage afforded by this extension shall TERMINATE AUTOMATICALLY

a. upon the outbreak of war (whether there be a declaration of war or not) between any of the following:
United Kingdom, United States of America, France, the Russian Federation, and the People's Republic of China;

b. in respect of any vessel, in connection with which cover is granted hereunder, in the event of such vessel being requisitioned either for title or use.

iv. Suspension

The coverage afforded by this extension shall be suspended in respect of the property concerned in the event of the property being appropriated, requisitioned or confiscated by any authority or government (whether civil, military or de facto) of the state in which the property is owned or registered.

v. Provided that there have been no claims hereunder, pro rata return of premium shall be payable to the Assured in the event either of cancellation by notice from Insurers or of automatic termination or suspension by reason of clauses iii. and/or iv. above.

vi. Held Covered Clause

In the event of the interest being requisitioned for title or use, or confiscated, nationalized, pre-empted or otherwise appropriated wholly or in part, this insurance shall continue to cover the contingent liability of the Assured in respect of the coverage provided under the Policy for a period of fourteen (14) days after such event. Thereupon the insurance shall terminate unless there be prior agreement by the Insurers to continue.

Date: 2015-12-11; view: 780