Reinsurance - M97（Dip级30学分，选修）-《再保险》
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（前述章节【Dip系列课程】M97-第七章-合同措辞D8-D9）
D10 Currency fluctuation clause（货币波动条款）
This currency fluctuation clause is used in treaties where the retention and limit of liability are stated in the same currency, but where the original business may result in claims in another, or more than one, currency. The purpose of the clause is to enable the parties to share any fluctuation in the value of the currency of the original loss between the inception date of the contract and the date of the settlement of that loss.
货币波动条款适用于自留额和责任限额以相同货币计算，但原业务可能导致以另一种或多种货币提出索赔的条约。该条款的目的是使双方能够分担从合同生效日到损失结算日之间原损失货币价值的任何波动。
The key to understanding how this clause applies in practice is to remember that it maintains the equivalent limit and retention at the rates of exchange that applied at the inception of the treaty.
要理解该条款在实践中的应用，关键是要记住它保持了条约生效时适用的汇率的等值限额和自留额。
For example, in a treaty the limit and retention are expressed in USD. All settlements in other currencies are converted to USD at the date of settlement. The treaty incepted on 1 January 2020. The reinsured deals mainly in Turkish Lira (TRY) and the rate of exchange at inception was: USD1 = TRY8. The limit and retention are USD200,000 excess of USD100,000. The TRY equivalent at the inception date were TRY1.6m excess of TRY800,000. A loss occurs six months later for TRY2.4m from the ground up. The rate of exchange is now USD1 to TRY10. The TRY limit and retention equivalent of TRY1.6m and TRY800,000 are maintained. However, for purposes of the recovery, the limit and retention in USD at the rate of exchange at the time of the loss settlement adjusts to USD160,000 (TRY1.6m/10) excess of USD80,000 (TRY800,000/10). The loss of TRY2.4m equals USD240,000. The reinsured retains USD80,000 and recovers USD160,000 from the layer.
例如，在条约中，限额和自留额以美元表示。所有以其他货币进行的结算都在结算日兑换成美元。该条约于 2020 年 1 月 1 日生效。分保人主要以土耳其里拉（TRY）进行交易，成立时的汇率为 1 美元 = 8 土耳其里拉。限额和自留额为超出 100,000 美元的200,000 美元部分。成立日的土耳其里拉等值为超出 80 万土耳其里拉的 160 万土耳其里拉。六个月后发生了 240 万土耳其里拉的损失。现在的汇率是 1 美元兑 10 里拉。160 万和 80 万土耳其里拉的限额和自留额等值保持不变。但是，为了追偿，按损失结算时的汇率计算的美元限额和自留额调整为80,000 美元（800,000 土耳其里亚尔/10）和 160,000 美元（160 万土耳其里亚尔/10）。240 万土耳其里拉的损失相当于 24 万美元。分保人保留 80,000 美元，并从分层中收回 160,000 美元。
To calculate the amount of the loss to be paid in the contract currency (for example, sterling), use this three-stage process:
• Convert the retention and limit of liability into the currency of loss at the rate of exchange existing at the treaty inception date
• Calculate the amount of the loss in excess of the currency of loss retention but below the currency of loss limit of liability
• Convert that amount into the contract currency at the rate of exchange existing at the date of settlement by the reinsured
要计算以合同货币（如英镑）支付的损失额，可采用以下三步流程：
• 按条约生效日的汇率将自留额和责任限额换算成损失货币
• 计算超出损失自留额货币但低于损失责任限额货币的损失额
• 按分保人结算日的汇率将该金额折算成合同货币
An example currency fluctuation clause is:
In the event that the Reinsured sustains losses in a currency other than the currency stated in the Slip, the Reinsurers’ liability shall be calculated as follows:
货币波动条款示例如下：
如果分保人蒙受的损失所使用的货币与保险单中规定的货币不同，则再保险人的责任应按以下方式计算：
The retention of the Reinsured and the liability of the reinsurers as expressed in the currency stated in the Slip shall be converted into the currency concerned at the rates of exchange utilised by the Reinsured in its books at the inception date of this contract.
分保人的自留额和再保险人的赔偿责任，如以保险单上所列货币计算，应按本合同生效日分保人在其帐簿上使用的汇率换算成有关货币。
The balance of any loss payment in excess of the Reinsured’s retention shall be converted from the currency in which the loss was settled into the currency stated in the Slip at the rate of exchange as used by the Reinsured and ruling on the date or dates of settlement of the loss by the Reinsured.
超过分保人自留额的任何损失赔偿余额，应按分保人使用的汇率和分保人结清损失当日的汇率，从结清损失的货币折算成保险单中列明的货币。
In the event of losses being sustained by the Reinsured in respect of the same loss occurrence in more than one currency, the retention of the Reinsured and the limit of liability of the Reinsurers shall be apportioned between the various currencies, in the proportion that each currency bears to the total loss calculated by converting each currency into the currency stated in the Slip at the rates of exchange as indicated above. The balance of any loss payment in each original currency in excess of the Reinsured’s retention in each currency apportioned as above shall be converted into the currency stated in the Slip at the rate of exchange used by the Reinsured and ruling on the date or dates of settlement of the loss by the Reinsured.’
如果分保人在同一损失事故中蒙受的损失涉及一种以上的货币，分保人的自留额和再保险人的责任限额应按每种货币在总损失中所占的比例在各种货币之间进行分配，计算方法是将每种货币按上述汇率换算成保险单中所列的货币。以每种原始货币支付的任何损失额超过分保人按上述办法分摊的每种货币的留存额的余额，应按分保人使用的汇率和分保人结清损失之日的汇率折算成保险单上注明的货币。
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