**Policy Number:** WE1200211

**ENDORSEMENT NUMBER TWO**

**CHOICE OF LAW ENDORSEMENT**

It is hereby understood and agreed that this Policy and any dispute, controversy or claim arising out of or relating to this Policy, shall be governed by and construed in accordance with the substantive internal law (i.e., excluding procedural and choice-of-law rules) of the State of New York, except insofar as such law (1) may prohibit payment in respect of punitive damages hereunder; (2) pertains to regulation under the New York Insurance Laws and regulations issued by the Insurance Department of the State of New York pursuant thereto, applying to insurers doing insurance business, or issuance, delivery or procurement of policies of insurance, within the State of New York or as respect risks or insured entities situated in the State of New York; or (3) are inconsistent with any provision of this Policy; provided, however, that the provisions, stipulations, exclusions and conditions of this Policy are to be construed in an even handed fashion as between the Insured and the Company; where the language of this Policy is deemed to be ambiguous or otherwise unclear, the issue shall be resolved in the manner most consistent with the relevant provisions, stipulations, exclusions and conditions (without regard to the rule of contra proferentum), and in the absence of ambiguity, in a summary interpretation or construction in favour of either the Insured or the Company or reference to the "reasonable expectations" of either thereof or to contra proferentum and without reference to parol or other extrinsic evidence). Insofar as the substantive internal law of New York is inapplicable as provided herein or otherwise, and as respects arbitration procedure, the internal laws of England and Wales apply.

**ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.**

**Market Submission - Endorsement**
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This text is a legal document detailing the choice of law for a policy, specifying that it will be governed by the laws of New York, with certain exceptions related to specific laws and regulations of New York. It also states that in case of ambiguity, the interpretation should favor neither party but rather be based on reasonable expectations. The document also notes that the internal laws of England and Wales apply in certain circumstances.