CURRENCY REVALUATION. It is agreed that underwriting to contractual and/or understanding limits will be done in terms of United States (U.S.) dollar equivalent on the basis of exchange rates in effect at the time of inception of new or renewal business or at the time an addition to an existing risk takes place. In the event there is a reduction in parity value of the U.S. dollar from that existing at the time the risk was written which results in the contractual and/or understanding limits being exceeded, the Company shall be held covered for such excess until next renewal of the risk, at which time underwriting will then conform to the contractual and/or understanding U.S. dollar limits in effect at the time.
CURRENCY REVALUATION. It is agreed that underwriting to contractual limits will be done in terms of United States (U.S.) dollars for U.S. business and U.S. dollar equivalent for all other business on the basis of exchange rates in effect at the time if inception of new or renewal business or at the time an addition to an existing risk takes place. For other than U.S. business, in the event there is a reduction in parity value of the U.S. dollar from that existing at the time the risk was written which results in the contractual limits being exceeded, the Reinsured shall be held covered for such excess until next renewal of the risk at which time underwriting will then conform to the contractual U.S. dollar limits in effect at the time, subject in all cases to the provisions regarding Retention and Limits.
CURRENCY REVALUATION. It is understood and agreed that currencies other than United States dollars, euros, or British pounds, will be converted in terms of United States (U.S.) dollar equivalent on the basis of exchange rates supplied by AIG at the start of each month and used by the Company in their own books of account and also applicable to any subsequent adjustments of premium thereof. In the event there is a reduction in parity value of the U.S. dollar from that existing at the time the Risk was written which results in the contractual and/or underlying limits being exceeded, the Company will be held covered for such excess until next renewal of the Risk, at which time underwriting will then conform to the contractual and/or underlying U.S. dollar limits in effect at the time. DELAYS, ERRORS or OMISSIONS Any inadvertent delay, omission or error will not relieve either party hereto from any liability which would attach to it hereunder if such delay, omission or error had not been made, provided such delay, omission or error is rectified immediately upon discovery.
CURRENCY REVALUATION. It is agreed that underwriting to contractual limits will be done in terms of United States (U.S.) dollar equivalent on the basis of exchange rates in effect at the time of inception of new or renewal business or at the time an addition to an existing risk takes place. In the event there is a reduction in parity value of the U.S. dollar from that existing at the time the risk was written which results in the contractual limits being exceeded, the Company shall be held covered for such excess until next renewal of the risk, at which time underwriting will then conform to the contractual U.S. dollar limits in effect at the time.
