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11.1

The Secretary of State may, in accordance with his powers under the Reinsurance Agreement, require that the Insured Value of an Entered Ship for insurance against the Queen’s Enemy Risks shall be altered to such sum as he may determine. In the event of such determination the Managers shall give notice to the Insured Owner that the Insured Value of that Entered Ship for insurance against the Queen’s Enemy Risks shall, subject only to the provisions of Rule 11.2, be such figure as the Secretary of State determines.

11.2

If an Insured Owner shall not agree to such determination by the Secretary of State he may, within 28 days of the receipt of notice from the Managers, require that any dispute on the proper value of an Entered Ship for insurance against the Queen’s Enemy Risks shall be submitted to arbitration in accordance with the terms of the Reinsurance Agreement. The Insured Owner may require that the Association shall agree to the appointment of a sole arbitrator of his choice or, as the case may be, shall appoint an arbitrator of his choice (such arbitrators to be experienced in the valuation of ships for war risks purposes) and may, if he wishes, present his case to the arbitrator, arbitrators or umpire. The award of an arbitrator, arbitrators or umpire shall be conclusive and binding as regards the Insured Value of an Entered Ship for insurance against the Queen’s Enemy Risks for all the purposes of these Rules.

11.3

If it shall appear to the Secretary of State that a substantial increase of Queen’s Enemy Risks has occurred or is likely to occur, he may determine that the Insured Values of all ships which are entered in the Association for insurance against the Queen’s Enemy Risks shall not be further changed without his consent. In the event of such determination, the Managers shall give notice to all the Insured Owners of such determination.

11.4

If the Secretary of State shall serve a General Premium Notice upon the Association, the Insured Values of all Entered Ships, which are insured by the Association in currencies other than sterling, shall, for the purpose of insurance against the Queen’s Enemy Risks, be converted into sterling and such Entered Ships shall thereafter be insured by the Association in that currency. This conversion shall be effected by using the average of the daily rates of exchange for the previous 90 days based on the average daily rate supplied by the Bank of England.

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