# CANCELLATION

(1) Coverage A under this Policy may be cancelled on a pro rata basis:

(a) at any time by the Named Insured by delivering written notice to the Insurer at the address listed in Item 8(b) of the Declarations stating when, not less than thirty (30) days from the date such notice is received, cancellation shall be effective;

(b) at any time by the Insurer by delivering written notice to the Named Insured stating when, not less than ninety (90) days from the date the notice is received, cancellation shall be effective; or

(c) if any Insured shall institute a suit or proceeding against the Insurer other than as provided in Condition N below (or to enforce an award arising out of such arbitration), at any time thereafter by the Insurer by delivering written notice to the Named Insured stating when, not less than five (5) days from the date the notice is received, cancellation shall be effective.

(2) This Policy will be cancelled automatically retroactive to the commencement of the Annual Period, if the premium or proof of payment thereof is not received by the Insurer within five (5) business days of the commencement of such Annual Period.

(3) Coverage B may not be cancelled by either the Named Insured or the Insurer, except the Insurer may cancel effective immediately upon the delivery of written notice to the Named Insured if the Insured should institute a suit or proceeding against the Insurer other than as provided in Condition N below (or to enforce an award arising out of such arbitration).

M. CURRENCY

The premiums and losses under this Policy are payable in the respective currency(ies) set forth in Item 6 of the Declarations. Unless otherwise specified in Item 6, such currency(ies) shall be United States dollars. If judgment is rendered, settlement is denominated or another element of Damages is stated in a currency other than in the applicable currency, payment under this Policy shall be made in the applicable currency at the rate of exchange prevailing on the date the final judgment is rendered, the amount of the settlement is agreed upon or the other element of Damages is due, respectively.

N. ARBITRATION

(1) Any dispute, controversy or claim arising out of or relating to this Policy or the breach, termination or invalidity thereof shall be finally and fully determined in London, England under the provisions of the Arbitration Acts of 1950, 1975 and 1979 and/or any statutory modifications or amendments thereto, for the time being in force, by a Board composed of three arbitrators to be selected for each controversy as follows:

Any party may, in the event of such a dispute, controversy or claim, notify the other party or parties to such dispute, controversy or claim of its desire to arbitrate the matter, and at the time of such notification the party desiring arbitration shall notify any other party or parties of the name of the arbitrator selected by it. The other party who has been so notified shall within thirty (30) calendar days thereafter select an arbitrator and notify the party desiring arbitration of the name of such second arbitrator. If the party notified of a desire for arbitration shall fail or refuse to nominate the second arbitrator within thirty (30) calendar days following the receipt of such notification, the party who first served notice of a desire to arbitrate will, within an additional period of thirty (30)