12. Other insurance

Where the Assured is (are), irrespective of this policy, entitled to reimbursement or indemnity, in whole or in part, by any other insurance in respect of any costs and/or expenses and/or liability for which the Assured would otherwise have been entitled to reimbursement or indemnity by Underwriters under this policy, there shall be no contribution or participation as respects such Assured by Underwriters under this policy on the basis of excess, contributing, deficiency, concurrent or double insurance or otherwise for such costs and/or expenses and/or liabilities, or part thereof, for which the Assured is (are) entitled to reimbursement or indemnity from such other insurance.

13. Inspection and audit

Insurers shall be permitted, during normal business hours, to inspect the Assured’s premises and operations, and to examine and audit the Assured’s books and records directly pertaining to the subject matter of this insurance and any claim arising therefrom.

14. Notice of loss

The Assured shall, upon knowledge of any loss(es) or occurrence(s) which may give rise to a claim recoverable hereunder, advise the Reinsurers hereof (via the Reassured and JLT Risk Solutions Ltd) as soon as practicable.

It is understood and agreed that the Assured will notify of loss(es) or Occurrence(s) in accordance with the above clause unless in their opinion, it seems likely that the amount of loss or damage will not exceed the applicable Policy deductible(s).

The Assured shall further, as soon as practicable after the loss or damage or such further time as Insurers may allow on their behalf, deliver:

a. a claim, in writing, for the loss and/or damage containing as particular an account as may be reasonably practicable of all property damaged or destroyed and of the amount of the loss or damage thereto respectively, having regard to their value at the time of loss or damage, not including profit of any kind; and

b. particulars of all other insurances, if any.

The Assured shall also at all times and at his own expense produce, procure and give to Insurers all such further particulars, plans, specification, books, vouchers, invoices, duplicates or copies thereof, documents proofs and information with respect to the claim and the origin and cause of the loss, damage, liability or expense and the circumstances under which the loss or damage occurred.

15. Arbitration and suit

In the event that the Assured and Insurers shall fail to agree as to any matter as respects this Policy:

A. As a first step, the decision shall be left to a single arbitrator, if the parties can agree on a single arbitrator. Failing such agreement, each shall, on the written demand of either, select a competent and disinterested arbitrator, one to be appointed by the Assured and one to be appointed by Insurers.

The arbitrators then together shall first select a competent and disinterested umpire, and failing for fifteen (15) days to agree upon such umpire then at the request of the Assured or Insurers, such umpire shall be selected by a judge of an English court having general jurisdiction in the area which includes the address of the Assured. The arbitrators together shall then decide the issue or issues and failing to agree shall submit their differences only to the umpire.

An award in writing of any two amongst the arbitrators and the umpire when filed with Insurers shall determine the issue or issues. Each arbitrator shall be paid by the party(ies) selecting him and the expenses of arbitration and of the umpire or single arbitrator, if any, shall be paid equally by the Assured (fifty percent (50%)) and Insurers (fifty percent (50%)).

B. Notwithstanding the above provision A., in the event that the Assured and Insurers shall still have dispute under this Policy, this Policy shall be subject to Russian law and practice but shall be subject to English jurisdiction.

No suit or action on this insurance for the recovery of any claim shall be sustainable in any court of law or equity unless the Assured shall have fully complied with all the requirements of this insurance, and unless commenced within twenty four (24) months after the time a cause of action for the loss accrues, provided, however, that where such limitation of time is prohibited by Russian law and practice, then and in that event, no suit or action under this insurance shall be sustained unless commenced within the shortest time limitation permitted under such law and practice.