Rule 86 Currency of payments

The Association shall make all payments for liabilities, losses, costs and expenses covered by the Association in the currency in which the Member's Premium Rating is calculated (the "premium currency").

Where the Member has made a payment in respect of any liability, loss, cost or expense which is covered by the Association in a currency other than the premium currency, that payment shall be converted into the premium currency, or such other currency as the Association in its sole discreation decides, at the rate of exchange ruling on the day payment was made by the Member.

Where a deductible under Rule 76 is expressed in Appendix V in a currency other than the premium currency, the deductible shall be converted into the premium currency at the rate of exchange ruling on the day payment was made by the Member.

Where a payment in respect of a liability, loss, cost or expense is due at a fixed time and the Member without valid reason neglects to make payment when due, the Member shall not be entitled to compensation at a higher rate of exchange than that ruling on the day on which payment was due.

All rates of exchange for the purposes of this Rule 86 shall be as conclusively certified by the Association.