1998-10—02

The Swedish Club (“The Club”) shall have claims lead.

The Club as leading underwriter has the right, in all respects, to decide any matter relating to any claim made under this Policy, including but not limited to any decisions, agreements, payments, settlements, claims, surveys, guarantees, towage, salvage, payments on account and claim settlements.

Further, The Club shall at all times have the right to appoint and employ their choice of experts including but not limited to surveyors, lawyers etc. on behalf of the Assured to deal with any matters involving third parties ( including investigating or advising and taking or defending legal or other proceedings ) that may give rise to a claim by the Assured on The Club.

The Club has the right to set off against any sums due to the Assured, unpaid Coinsurers’or other underwriters’share of shares of sums advanced and any and all

Sums incurred for provision of both claims and general technical services including entry and condition surveys, if any, to the Assured by The Club. Alternatively, The Club has the right to charge participating Co-insurers directly any and all such sums mentioned in this paragraph.

Should The Club at its own discretion decided to make ex gratia payments to the Assured, The Club may limit such payments to its share of the risk written under this Policy and such payments should in no respect be binding for any other Coinsurers or underwriters participating in this risk.

Notwithstanding any of the above, or any condition in this Policy to the contrary, the liability of all underwriters to the Assured shall remain several and nothing shall affect The Club’s right to limit its liability to the Assured to the proportion of the risk which it has written and The Club shall in no way be liable to the Assured for any amounts due or agreed to be due but not recovered or recoverable from other underwriters or Co-insurers.

Enclosure to Hull Circular H&M 367/2005 CLAUSES 4(8)