20 December 2016 7325

Currency Fluctuation Clause

Pada artikel kali ini, akan dibahas poin ke-2 dan ke-3 dalam Currency Fluctuation Clause. Sekedar mengingatkan kembali, wording lengkap dari Currency Fluctuation Clause yang umumnya dilekatkan pada Non-proportional Treaty adalah sebagai berikut:

Currency Fluctuation Clause

1. In the event that the Reinsured sustains a loss in a single currency other than Indonesian Rupiah (IDR) or United States Dollars (USD), the Reinsurers' liability shall be calculated as follows:

  1. The deductible and the limit of indemnity as expressed in USD shall be converted into the appropriate currency at the Rate of Exchange applicable at the inception date of this Agreement.
  2. The balance of any loss payment in excess of the original currency deductible shall at the option of the Reinsured be paid in the currency in which the loss was settled or shall be converted from the currency in which the loss was settled into USD 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.


2. In the event that the Reinsured sustains a multi currency loss, the Reinsurers' liability and the apportionment of the ultimate net loss attributable to each currency shall be calculated as follows:

  1. The deductible and the limit of indemnity as expressed in USD shall be converted into the appropriate currencies (other than IDR) at the Rates of Exchange applicable at the inception date of this Agreement.
  2. To establish the percentage that each currency involved in the loss bears to the total loss the content of the loss in IDR shall be converted into USD at a Rate of Exchange as specified in the attached Contractual Details, and the content of the loss in currencies other than IDR and USD shall be converted into USD at the Rate(s) of Exchange applicable at the inception date of this Agreement.
  3. The percentage that each currency loss calculated under 2.b. bears to the total loss in USD shall be applied to the relevant currency indemnity and deductible and the ultimate net loss in each currency shall then be applied to the apportioned indemnity and deductible in order to establish Reinsurers' loss in each currency.


The provisions of 2.a. shall then be applied to currencies other than IDR and USD.

3. For the purposes of ascertaining the utilisation of the aggregate indemnity including reinstatements provided hereon, the original currency losses to this Agreement shall be converted into USD at the Rate of Exchange ruling at the inception date of this Agreement (as regards IDR this exchange rate is deemed to be as specified in the attached Contractual Details). The aggregate amount of USD losses so calculated shall be related to the USD aggregate indemnity including reinstatements applicable hereon.

 

Penjelasan Klausula Poin 2

Wording dari poin 2 adalah sebagai berikut:

In the event that the Reinsured sustains a multi currency loss, the Reinsurers' liability and the apportionment of the ultimate net loss attributable to each currency shall be calculated as follows:

  1. The deductible and the limit of indemnity as expressed in USD shall be converted into the appropriate currencies (other than IDR) at the Rates of Exchange applicable at the inception date of this Agreement.
  2. To establish the percentage that each currency involved in the loss bears to the total loss the content of the loss in IDR shall be converted into USD at a Rate of Exchange as specified in the attached Contractual Details, and the content of the loss in currencies other than IDR and USD shall be converted into USD at the Rate(s) of Exchange applicable at the inception date of this Agreement.
  3. The percentage that each currency loss calculated under 2.b. bears to the total loss in USD shall be applied to the relevant currency indemnity and deductible and the ultimate net loss in each currency shall then be applied to the apportioned indemnity and deductible in order to establish Reinsurers' loss in each currency.

Wording polis pada poin 2, digunakan untuk situasi dimana reinsured mengalami kerugian lebih dari satu mata uang. Sedangkan limit dan deductible dalam treaty hanya diekspresikan dalam satu mata uang saja. Poin 2a, 2b, dan 2c dapat diuraikan sebagai berikut:

 

Penjelasan klausula poin 3

Wording poin 3 dari Currency Fluctuation Clause adalah:

For the purposes of ascertaining the utilisation of the aggregate indemnity including reinstatements provided hereon, the original currency losses to this Agreement shall be converted into USD at the Rate of Exchange ruling at the inception date of this Agreement (as regards IDR this exchange rate is deemed to be as specified in the attached Contractual Details). The aggregate amount of USD losses so calculated shall be related to the USD aggregate indemnity including reinstatements applicable hereon.

Wording di atas menjelaskan bahwa untuk menentukan utilisasi aggregate indemnity dari limit yang diberikan dalam Treaty, maka original loss yang terjadi dalam mata uang atau currency selain dari yang dinyatakan dalam treaty, dikonversikan ke currency yang dinyatakan dalam treaty (dalam hal ini adalah USD). Rate of exchange yang digunakan adalah rate yang berlaku pada saat perjanjian dimulai.

Contoh untuk wording poin 3 adalah sebagai berikut:

 

Dengan kata lain, wording poin 3 digunakan untuk mengetahui apakah cover limit dari Treaty XL sudah exhausted atau belum. Jika limit yang sudah terpakai mendekati exhausted, maka reinsured harus berhati-hati dan menjaga agar jika terjadi klaim tidak melewati sisa cover limit yang masih ada. Jika treaty XL sudah exhausted, maka reinsured akan menanggung klaim untuk nilai klaim yang melebihi cover limit dan juga klaim klaim selanjutnya.

Memang ada alternatif lain dengan cara membeli back-up cover di pertengahan periode. Namun belum tentu harganya memadai, dan tidak mudah untuk mencari reinsurer yang mau memberikan dukungan untuk back-up cover.

Mudah-mudahan artikel ini bermanfaat bagi rekan-rekan yang bekerja di bagian reasuransi.

 

 

(Reinfokus edisi III, tahun 2013) 

Penulis

Reza Andre Nasution, ST., AAIK, ACII

Email: reza@indonesiare.co.id