Extract to table

Under this provision, all individual losses arising from a single catastrophe event that occur within a period of one hundred sixty-eight (168) consecutive hours shall be aggregated and treated as a single occurrence for purposes of the attachment point, layer limit, and reinstatement provisions

Each party is entitled to appoint one arbitrator, and the two party-appointed arbitrators shall select the third arbitrator, who shall serve as the umpire

All arbitrators and the umpire must be current or former officers of insurance or reinsurance companies, as required by the ARIAS-U

Nothing in this letter or the enclosed draft treaty wordings shall be construed as a waiver of any applicable privilege

The drafts do not constitute binding commitments, obligations, or agreements of any party, and no party shall be bound by any term set forth in the drafts unless and until formal execution of the definitive treaty documents by all parties thereto