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SALVAGE AND RECOVERIES

It is understood and agreed that in the event of any payment hereunder, Insurers will act in concert with all other interests (including the Assured) concerned, in the exercise of rights of recovery or gaining of salvage. Any net salvages, recoveries or payments (except other insurance carried by or on behalf of the Assured) recovered or received subsequent to a loss settlement under this insurance shall be applied as if recovered or received prior to such settlement and all necessary adjustment shall then be made between the Assured and the Insurers hereunder, provided always that nothing in this Condition 7. shall be construed to mean that losses under this insurance are not recoverable until the Assured's loss has been finally ascertained.

NOTICE OF CANCELLATION

Notwithstanding that this policy is for a period of 36 months, it may be cancelled by either the Insurers or the Assured giving sixty (60) days notice to take effect from the time of the anniversary of the inception of this Insurance. Notice is deemed given at each anniversary.

The Insurers may agree however to continue this Insurance subject to agreement between the Insurers and the Assured prior to the expiry of such notice of cancellation as to rate of premium and/or conditions and/or warranties.

In the event of cancellation of this Insurance by reason of the operation of this clause, a net return of any premium paid to the Insurers in respect of the period subsequent to such cancellation shall be payable to the Assured.

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