Common use of Contract Currency Clause in Contracts

Contract Currency. All monetary information that you supply to us about insured contracts must be stated in the Policy Currency set out on the Schedule. If you take a contract in another currency, the rate that applies for currency conversion will be the closing rate of exchange published in the Financial Times and will be: for declarations, premium and claim payments, the rate on the last working day of the month in which you raised the invoice, for salvage, the rate on the day you or we receive the salvage. (For Salvage see Section 3.6.7)