Currency Conversion Clause Sample Clauses

Currency Conversion Clause. This clause applies in circumstances where an Insured has suffered a loss in a currency other than dollars. An Insured suffers a loss in the currency or currencies in which that Insured has actually incurred (or, failing that, has booked) the loss, liability or expense for which it is claiming under this policy. In such circumstances the Insured is entitled to indemnity or reimbursement for his loss under this policy, subject to any applicable limit specified in the policy, by applying the Relevant Rate of Exchange as at the Relevant Date. The Relevant Rate of Exchange is rate determined by the Agent for this purpose by reference to its spot rate of exchange in London for the purchase of the currency in which the loss has been suffered by the Insured with dollars at or about 11.00 am on the Relevant Date or, if no such spot rate exists on the Relevant Date, by such other method as the Agent (in consultation with the Borrower) reasonably determines. The Relevant Date is: (a) in the case of loss or damage to property, the date or dates on which the claimant Insured becomes obliged to pay for its repair, reinstatement or replacement or (if earlier) the date on which the Insurers settle the claim of the Insured; (b) in the case of a liability (or cross-liability) to a third party, the date on which the claimant Insured becomes obliged to discharge that liability; (c) in the case of a claim for business or contingent business interruption, the last date of the period of interruption to which the claim relates; and (d) in any other case, the date on which the claim is first presented as a quantified claim to the Insurers by the Insured. The amount which the Insured is entitled to be indemnified or reimbursed pursuant to this clause is called the Insured Loss.